The broad stock markets gauge extended its advance following Mondays upward turnaround from the regional 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 trend line after reaching the brand-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 retraced some more of their current decreases on Tuesday. Will the market continue higher following todays customer inflation information?
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. So the broad stock market will backtrack more of the recent declines. We might see a profit taking action later on 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 debt consolidation along the 4,700 level.
In our opinion no positions are presently 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.
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Upgraded on Jan 12, 2022, 2:56 pm.
This Odey Funds Six Biggest Longs Were Its Worst-Performing Positions In 2021Odeys LF Brook Absolute Return Fund was down 4.6% for the 4th quarter, bringing its full-year efficiency to 9.9% for 2021. The fund, managed by James Hanbury and Jamie Grimston, has actually delighted in a 12.9% substance yearly growth rate since creation in May 2009. Q4 2021 hedge fund letters, conferences and more Another Strong Year For Read MoreThe S&P 500 index acquired 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 regional low of 4,582.24. It was a dip-buying chance, however the short-term advance still looks like an upward correction within a new downtrend. The broad stock market continues to trade within an over two-month long consolidation. Late December– early January debt consolidation along the 4,800 level was a topping pattern and the index fell to its previous trading range.
On Dec. 3 the index fell to the regional low of 4,495.12 and it was 5.24% below the previous record high. It was a quite moderate downward correction or simply a consolidation 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. And the crucial assistance level is now at 4,580-4,600, marked by Mondays day-to-day low.
Apple Bounced From the $170 Price Level.
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. So far, it appears like a downward correction and the nearby important support level is at $165-170, marked by the previous low and high. The stock trades within an over month-long debt consolidation of around $170-180.
Is this a medium-term topping pattern? Its getting really hard to basically justify the Apples current market capitalization of around $3 trillion.
