S&P 500: The S&P 500 will retest 4,115 if its momentum continues

 


The bulls took control on Wednesday after the S&P 500 broke above its key resistance level at 4,000. The index closed at 4,109.31 on Friday, up for the third straight week. Beware that the bears could step in next week to defend the key 4,115 resistance level, arguing that "no bear market has ever bottomed before a recession", per CNBC. There are plenty of opportunities for the bears to take the market down as Fed officials will start speaking again after the blackout periods. Last time the index closed up four weeks in a row was in August 2022.

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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