S&P 500 – constructive but trend less
May 25, 2023 Leave a comment
Amidst a trend less equities market, the good news is the S&P 500 is acting and trading constructively.
The low seen in March 2023 did not break the low seen in December 2022.
This past week, it made a recent ‘higher high’, when it traded at 4,213, which is above the 4,195 high seen in late January 2023.
In the interim, there is a ‘daily’ gap at 3,980 which I expect the S&P 500 to trade down to and ‘fill’.
That’s 3.3% below today’s closing price of 4,115.
The next ‘higher high’ that it needs to test is the August ’22 high of 4,325.
Although, this remains a market which I am ‘dating’ and not one that I’m ‘marrying’.
My notable, medium to longer term buying signals are nowhere to be seen.
May 25, 2023
by Rob Zdravevski
rob@karriasset.com.au
rob zdravevski's blog 