Thoughts on CRM's Resistance and Macro Headwinds for Q4
Watching $CRM today, that run up to 158.455 feels significant, brushing against the top of its recent range. We're seeing a nice bounce, no doubt, but the question is whether it has the legs to push through. Given the broader macro picture heading into Q4, with persistent inflation concerns and the Fed's stance still relatively hawkish, I'm leaning towards continued choppiness.
My take is there's about a 60% probability $CRM struggles to decisively clear and hold above the 160 mark by month-end. While individual company performance can always surprise, the prevailing sentiment and potential for further tightening or revised economic outlooks from the Fed could cap upward momentum. A retreat back towards the 150-152 zone before year-end seems a more likely scenario than a sustained breakout given the current headwinds. Just my two cents, not advice, purely observational.
I agree the 158.455 level for $CRM is key, and while the bounce is encouraging, the macro headwinds for Q4 are definitely a concern. Do you think a strong earnings report could potentially override some of those broader market pressures, or is the Fed's stance too dominant right now?