U.S. stock markets have been on quite a run lately, but are we finally seeing signs of a rally correction on the S&P 500 index? Optimism for business-friendly policies under another Trump administration have allowed U.S. equity indices to surge, pushing the S&P 500 index past the ceiling around $5,900 onto fresh record highs past the $6,000 barrier. This psychological mark appears to be holding as strong resistance, however, paving the way for profit-taking to spur a correction to nearby support zones. Are stock market bulls about to hop back in soon? The Fibonacci retracement tool shows that the former resistance area is spanned by the 50% to 61.8% levels and a rising trend line that’s been holding since mid-October, as well as the dynamic support at the moving averages. A shallow pullback could even find buyers at the 38.2% Fib that lines up with the pivot point level ($5,904.23), potentially taking the index back up to the swing high and beyond. The 100 SMA is still above the 200 SMA to suggest that the uptrend is more likely to resume than to reverse, but keep an eye out for a move below S1 ($5,793.32) and the trend line that could mark the start of a downtrend.
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It is a hard time for the US stock market. But even in such circumstances, there are tools that can help you take more informed actions related to your portfolio. While correctly calling every market move is an elusive goal, the StockMetrum index could have helped you prepare for this recent negative scenario. https://lnkd.in/dB6uTmV2
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A record that the stock market never achieved so far! Did you know that, among all kind of records the stock market reached in history, there is one run which the S&P in its entire history never managed to achieve? A clean sheet! There have been some instances - like this year - when the S&P managed to gain 8 out of 9 months. The index never managed to gain 9 out of 9. However, when we saw 8 out of 9 positive months in the first 3 quarters (it happened 8 times), bulls had still reasons to cheer. The index was up every single time, with an average gain of 6.6% vs average Q4 of 4.3%. Will at least this clean sheet prevail? You enjoyed the post? 👍 like it 💬 tell me what you think and leave a comment 🔔 follow me and hit the bell to make sure you´re getting notified about the next update on global financial markets
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