S&P 500: Bulls Are Coming Back?

Apple Bounced From the $170 Price Level.
Recently, Apple stock broke below its two-month long upward pattern line after reaching the new record high of $182.94 on Tuesday. So far, it appears like a down correction and the closest essential assistance level is at $165-170, marked by the previous low and high. The stock trades within an over month-long consolidation of around $170-180.
Is this a medium-term topping pattern? Its getting very difficult to fundamentally validate the Apples present market capitalization of around $3 trillion.

This Odey Funds Six Biggest Longs Were Its Worst-Performing Positions In 2021Odeys LF Brook Absolute Return Fund was down 4.6% for the fourth quarter, bringing its full-year performance to 9.9% for 2021. The fund, handled by James Hanbury and Jamie Grimston, has delighted in a 12.9% compound annual growth rate because beginning in May 2009. Q4 2021 hedge fund letters, conferences and more Another Strong Year For Read MoreThe S&P 500 index acquired 0.92% the other day, as it got back above the 4,700 level. The broad stock markets gauge extended its advance following Mondays upward reversal from the local low of 4,582.24. It was a dip-buying chance, nevertheless the short-term advance still looks like an upward correction within a new sag. The broad stock market continues to trade within an over two-month long consolidation. Late December– early January consolidation along the 4,800 level was a topping pattern and the index fell to its previous trading variety.
On Dec. 3 the index was up to the regional low of 4,495.12 and it was 5.24% listed below the previous record high. So it was a quite moderate downward correction or just a combination following last years advances.
The closest essential resistance level is at 4,700-4,720 and the next resistance level is at around 4,750. On the other hand, the assistance level is at 4,650. And the essential support level is now at 4,580-4,600, marked by Mondays everyday low. The S&P 500 is close to its November-December local highs once again, as we can see on the day-to-day chart (chart by courtesy of http://stockcharts.com):.

The broad stock markets gauge extended its advance following Mondays upward reversal from the regional low of 4,582.24. The broad stock market continues to trade within an over two-month long debt consolidation. Last week, Apple stock broke listed below its two-month long upward pattern line after reaching the new record high of $182.94 on Tuesday. The broad stock market will backtrack more of the recent decreases. Subscribe for our daily newsletter today, and youll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts.

Stocks backtracked some more of their current decreases on Tuesday. Will the market continue greater following todays consumer inflation data?

Conclusion.
The S&P 500 index is expected to open 0.4% higher today following the Consumer Price Index release which was a little higher than anticipated at +0.5% m/m. So the broad stock exchange will backtrack more of the recent declines. Nevertheless, we may see an earnings doing something about it later in the day.
Heres the breakdown:.
The S&P 500 extended its short-term uptrend yesterday. It may be still a correction within a drop or some more consolidation along the 4,700 level.
In our viewpoint no positions are currently justified from the risk/reward point of view.
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Thank you.
Paul Rejczak,.
Stock Trading Strategist.
Sunshine Profits: Effective Investments through Diligence and Care.
The information above represents analyses and opinions of Paul Rejczak & & Sunshine Profits partners just. As such, it might show wrong and go through change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Formed on top of cautious research study and reputably accurate sources, Paul Rejczak and his partners can not ensure the reported datas precision and thoroughness. The viewpoints released above neither advise nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you totally agree that he will not be held liable or accountable for any decisions you make regarding any details supplied in these reports. Investing, trading and speculation in any financial markets may include high risk of loss. Paul Rejczak, Sunshine Profits workers, affiliates as well as their relative might have a long or brief position in any securities, including those discussed in any of the essays or reports, and may make additional purchases and/or sales of those securities without notification.
Upgraded on Jan 12, 2022, 2:56 pm.

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