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Swing Trade Idea (ABBV) – August 15, 2022

Market Outlook:

Equities continued their impressive run on Friday with the SPY gaining another 1.69% and breaking and approaching the $430 level. Investors consider the Fed to be less hawkish which has boosted equities in recent weeks, especially after the latest CPI report indicated inflation is indeed slowing and came in below analyst expectations. However, further clarity on what the Fed will do next will likely come to light at the Jackson Hole Economic Symposium on August 25-27. Until then, we expect equities to continue on their current trajectory with short term pullbacks likely. 

ABBV Bullish Trade Idea:

Our bullish trade idea today is AbbVie (ABBV). ABBV is part of the healthcare sector that has experienced some outward rotation, however, price is holding the $136 major support well and this provides an excellent bullish entry point. The next key area of resistance is at $155 which will be our target price.