Conclusion.
The S&P 500 index is expected to open 0.4% greater today following the Consumer Price Index release which was a little higher than expected at +0.5% m/m. So the broad stock market will backtrack more of the recent decreases. Nevertheless, we might see an earnings taking action later on in the day.
Heres the breakdown:.
The S&P 500 extended its short-term uptrend the other day. It might be still a correction within a downtrend or some additional debt consolidation along the 4,700 level.
In our opinion no positions are currently validated from the risk/reward perspective.
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Paul Rejczak,.
Stock Trading Strategist.
Sunlight Profits: Effective Investments through Diligence and Care.
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Upgraded on Jan 12, 2022, 2:56 pm.
Q4 2021 hedge fund letters, conferences and more Another Strong Year For Read MoreThe S&P 500 index gained 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. The broad stock market continues to trade within an over two-month long consolidation.
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. It was a quite mild down correction or just a consolidation following last years advances.
The nearest important resistance level is at 4,700-4,720 and the next resistance level is at around 4,750. And the essential support level is now at 4,580-4,600, marked by Mondays day-to-day low.
The broad stock markets gauge extended its advance following Mondays upward turnaround from the local 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 trend line after reaching the new record high of $182.94 on Tuesday. The broad stock market will backtrack more of the current 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.
Apple Bounced From the $170 Price Level.
Recently, Apple stock broke below its two-month long upward trend line after reaching the new record high of $182.94 on Tuesday. Far, it looks like a downward correction and the closest essential support level is at $165-170, marked by the previous highs and lows. The stock trades within an over month-long debt consolidation of around $170-180.
Is this a medium-term topping pattern? Its getting very tough to essentially validate the Apples current market capitalization of around $3 trillion.
Stocks backtracked some more of their recent decreases on Tuesday. Will the market continue greater following todays customer inflation data?
