S&P 500 & Fear & Greed Index: Mixed Signals

SmartReversals
04-28

The market experienced a tech-driven bounce, but the $DJIA(.DJI)$ remains weak. The $S&P 500(.SPX)$ closed the week with a rejection at $5,110 and the 20-day moving average.

The previous SPX post shows those lines, if these resistance levels for the #SP500 hold true, it might indicate the beginning of a second leg down.

This chart highlights in blue arrows the initial bounce. The green arrows point to the actual market bottom.

The Question: December 2022 Redux or August 2023 Repeat?

The key question is whether this situation will unfold similarly to August 2023, where a bounce preceded a deeper decline, or if it will resemble December 2022, where the bounce marked a more sustained recovery.

Both cases before reaching the "Extreme Fear" zone.

$5110 will provide part of the answer next week.

Posted before this chart: $Meta Platforms, Inc.(META)$ , the potential gap fill; and $Alphabet(GOOG)$ $Alphabet(GOOGL)$ , also leaving some gaps opened.

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https://twitter.com/SmartReversals/status/1784246407223803998

Rate Cut Delay: Will S&P Drop Below 5000?
Federal Reserve Chair Jerome Powell said firm inflation during the first quarter had introduced new uncertainty over when and whether the central bank would be able to lower interest rates later this year. ------------------ Will S&P 500 drop below 5000? Is a short term correction or the end of bull market?
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Comments

  • jo熙熙
    05-01
    jo熙熙
    Great article, would you like to share it?
  • JoyceTobias
    04-28
    JoyceTobias
    Stay tuned!
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