S&P 500: The S&P 500 is Out of Bear Market Territory for Now...Next Resistances Will be Between 3,976 and 4,000

 


The market was spooked on Wed by the FOMC minutes, showing how hawkish Federal Reserve officials are, but took off two days later after the release of the December U.S. nonfarm payrolls, showing average hourly earnings, one of the Fed Chairman Powell's closely watched data, came in below Wall Street's expectations. The S&P 500 was due for a rebound anyway after falling for four straight weeks.

The index is, for now, out of bear market territory at 3,855. Keep an eye on the next resistances between 3,976 and 4,000. The uptrend continues but one may want to be cautious as the quant funds want to take the S&P 500 down to retest the OCT 2022 low, or even lower to 3,200. There is a trendline support at ~3,780.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!



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