News / QQQTrades.Club
The US Downgraded by Fitch | SP500 and Tesla Turning South for Longer?
The US Downgraded by Fitch | SP500 and Tesla Turning South for Longer?
August 2, 2023
Getting downgraded is not a good thing. Futures are lower this morning.
Fitch Ratings downgraded the United States’ long-term foreign currency issuer default rating to AA+ from AAA on Tuesday.
The downgrade was due to “expected fiscal deterioration over the next three years,” an erosion of governance and a growing general debt burden.
Fitch also highlighted the rising general government deficit, which it anticipates will rise to 6.3% of gross domestic product in 2023, from 3.7% in 2022.
The White House disagreed with Fitch’s downgrade, saying that it “defies reality.”
This isn’t the first time a rating agency has downgraded the U.S. Standard & Poor’s cut the nation’s credit rating to AA+ from AAA in 2011 after Washington managed to avoid a default.
End of the Run?
SP500 has been on a heck of run this year. This morning futures are down, which can always change by mid day. Below are charts of the SP500 on a daily and monthly perspective. Each of them look semi healthy yet on the daily we are beginning to see some rolling over ever so slightly towards the 9 day ema. On the monthly we most likely could see a pull back to the 9 month EMA, 4300 area forming the old school cut and handle.
Taking a look at charts from a longer term perspective can bring us more clarity of the intermediate term direction a index or stock is going.
Daily Chart
Monthly Chart
Let take a look at Tesla.
Subscribe for 55% off the monthly fee of $25.
As you may know, I work with Kerry Grinkmeyer of Best of US Investors. We have launched our new website, www.BUS13.ai, go check it out!
Share this article:
More in QQQTrades.Club:
Hedge funds and banks typically use multiple time frames for intraday trading
Hedge funds and banks typically use multiple time frames for intraday trading, as this allows them to gain a comprehensive...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
August 30, 2024
Nvidia Earnings Call: A Record Quarter with a Twist
Nvidia’s Q2 earnings call was a mixed bag, with the company reporting a record quarter but also revealing a drop...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 29, 2024
Nvidia Earnings: A Critical Moment for Big Tech
As we approach Nvidia’s earnings report, the tech world holds its breath. This isn’t just about one company’s performance; it’s...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
August 28, 2024
The Sleeping Giant: Why Intel is an Undervalued Stock
As the world’s largest semiconductor company, Intel (INTC) has long been a household name in the tech industry. However, despite...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 23, 2024
The Trillion Dollar Addiction...
The Trillion Dollar Addiction That Amazon, Google, Meta and Microsoft Will Be Selling Next Year As I discussed in my...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 19, 2024
What is an AI Agent? What Can It Do For You? Where Can You Get One?
As I discussed with my tribe during our recent stock talk, I’m excited to share with you the concept of...
The US Downgraded by Fitch | SP500 and Tesla Turning South for Longer?
August 18, 2024