- Meta has pulled back a bit during the trading session on Wednesday, as we wait for the FOMC statement, interest rate decision, and press conference.
- Any pullback at this point in time will probably have to do with the overall market itself, not necessarily anything to do with Meta.
Artificial Intelligence
Recently, Meta has seen a bit of bullish pressure due to the fact that people are expecting to see plenty of earnings driven by artificial intelligence, which of course Meta is heavily involved in. Ultimately, this is a market that I think continues to find plenty of buyers, but I also recognize that there will be auxiliary noise coming from the overall markets themselves reacting to whatever the FOMC ends up doing. All things being equal, this is a market that I do think goes higher, but we’ll have to wait and see whether or not the market provides a short-term pullback that we can take advantage of.
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Technical Analysis
Keep an eye on the $500 level, because it of course will offer a little bit of psychological support, as well as structural support. If we can stay above there, then I suspect that Meta will do quite well eventually. The 50 Day EMA is currently at the $506.90 level and rising, so that helps as well. Ultimately, I don’t have any interest in shorting Meta-regardless, because it is one of the “Magnificent 7” that everybody who has anything remotely close to passive investing has to deal with. If the market could break above the $520 level, then it’s likely that we will go looking to the $550 level.
Regardless, I think you need to go into this market very carefully, recognizing that external factors could cause some headaches, but you should also understand that as this is one of the “Magnificent 7”, it will be the first place people start to buy if we get some type of sharp selloff.