The S&P 500 index is expected to open 0.4% greater this morning following the Consumer Price Index release which was a little greater than anticipated at +0.5% m/m. The broad stock market will backtrack more of the current declines. However, we may see an earnings 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 sag or some more consolidation along the 4,700 level.
In our opinion no positions are currently validated from the risk/reward point of view.
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Updated 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 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. The broad stock market continues to trade within an over two-month long debt consolidation.
On Dec. 3 the index was up to the local low of 4,495.12 and it was 5.24% listed below the previous record high. It was a pretty mild downward correction or just a debt consolidation following last years advances.
The nearest essential resistance level is at 4,700-4,720 and the next resistance level is at around 4,750. And the crucial assistance level is now at 4,580-4,600, marked by Mondays everyday low.
Apple Bounced From the $170 Price Level.
Recently, Apple stock broke below its two-month long upward trend line after reaching the brand-new record high of $182.94 on Tuesday. Up until now, it looks like a down correction and the closest essential support 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 tough to fundamentally justify the Apples current market capitalization of around $3 trillion.
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 consolidation. Last week, Apple stock broke below its two-month long upward pattern line after reaching the brand-new record high of $182.94 on Tuesday. The broad stock market will backtrack more of the recent declines. 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 retraced some more of their current declines on Tuesday. Will the marketplace continue greater following todays consumer inflation information?