Stock Markets Analysis and Opinion
S&P 500: Is the Rebound Corrective?
2023.01.10 12:02
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The reacted strongly higher following the with the only fundamental excuse being weaker . Today’s price action puts that rally in question.
The rebound higher so far is orderly, contained within an ascending channel, and today’s gravestone, the Doji, might be a warning sign. A break below 3800 is needed to confirm, in which case we are looking for at least a move to 3700.
Resistance is at the 200DMA at 3978, and a break above it invalidates that view.
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