S&P 500: Bulls Are Coming Back?

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 efficiency to 9.9% for 2021. The fund, managed by James Hanbury and Jamie Grimston, has actually enjoyed a 12.9% compound annual development rate because beginning in May 2009. Q4 2021 hedge fund letters, conferences and more Another Strong Year For Read MoreThe S&P 500 index got 0.92% yesterday, as it got back above the 4,700 level. The broad stock markets gauge extended its advance following Mondays upward turnaround from the local low of 4,582.24. It was a dip-buying opportunity, nevertheless the short-term advance still appears like an upward correction within a brand-new sag. The broad stock market continues to trade within an over two-month long combination. Late December– early January consolidation along the 4,800 level was a topping pattern and the index fell to its previous trading range.
On Dec. 3 the index was up to the local low of 4,495.12 and it was 5.24% below the previous record high. So it was a pretty mild downward correction or just a combination following last years advances.
The closest important resistance level is at 4,700-4,720 and the next resistance level is at around 4,750. And the important support level is now at 4,580-4,600, marked by Mondays daily low.

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

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 combination. Last week, Apple stock broke below its two-month long upward trend line after reaching the brand-new record high of $182.94 on Tuesday. The broad stock market will retrace more of the recent declines. Subscribe for our everyday newsletter today, and youll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts.

Conclusion.
The S&P 500 index is expected to open 0.4% greater today following the Consumer Price Index release which was somewhat higher than expected at +0.5% m/m. The broad stock market will backtrack more of the recent decreases. We might see a profit taking action later in the day.
Heres the breakdown:.
The S&P 500 extended its short-term uptrend the other day. It may be still a correction within a drop or some further combination along the 4,700 level.
In our viewpoint no positions are presently justified from the risk/reward point of view.
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Thank you.
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.

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. Up until now, it appears like a down correction and the nearby crucial assistance level is at $165-170, marked by the previous low and high. The stock trades within an over month-long combination of around $170-180.
Is this a medium-term topping pattern? Its getting really difficult to fundamentally justify the Apples existing market capitalization of around $3 trillion.

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