S&P 500 – constructive but trend less

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


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