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They say, “As January Goes, so Goes the Year.” Although we will follow the stock market closely in January and expect a positive bias, I am not sure that this Wall Street saying will be accurate this year.
Let us look today at Warren Buffett’s and AI stock picks today.
But before that, let us look at the SPX technical chart first.
SPX Technical Analysis
SPX almost reached its Cup & Handle pattern target. Although it can go a bit higher or even exceed it, this technical pattern indicates that SPX is close to the top.
Technical indicators such as RSI and MACD show a loss of momentum, suggesting that there is not much more upside room.
My Elliott Wave counts suggest that SPX may need at least one more high under the black count. Under green Alt (4), it can have two more highs with an up-down-up sequence, but not necessarily much higher.
Consider the green wedge within the red wedge. SPX broke its downtrend line, which is short-term bearish.
However, the weekly hammer candle is bullish and, to some extent, negates the bearish implications of the broken green wedge.
The hammer stopped at the 10W EMA. It would have to go above 10W EMA to re-establish the uptrend.
SPX can crawl underneath the green downtrend line to new highs but can also penetrate it slightly while keeping the validity of the broken green wedge.
Indications that the top is in place are: a) broken red wedge, b) broken 50W MA, and c) below the red dashed line.
Occidental Petroleum (OXY)
Warren Buffet sold 2/3 of his AAPL holdings in 2024 but has been buying OXY recently.
Are his OXY purchases well-timed?
I would like to see a deeper pullback in OXY before committing long-term funds.
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AI Stock Selection
Bank of America (BAC) is the top-rated stock by one of the popular AI-based stock selection programs.
My analysis of weekly chart cycles of BAC is not very positive about BAC.
Can we trust these AI stock selection programs? TBD.
Consider following me on X (former Twitter) in addition to the newsletter, as I often post valuable information there in real time between the newsletters.
On Friday, I posted sector ETF flows.
When rebalancing a portfolio, it is usually good practice to trim over-loved sectors and buy under-loved sectors.
However, things can get more extreme, so one should do this gradually.
Moreover, one should consult technical analysis and cycles to chose good times for buys and sells.
Do you prefer to invest your $$$ in Energy (XLE) or Financials (XLF)?
— BraVoCycles Newsletter (@BraVoCycles)
6:51 PM • Jan 3, 2025
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