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S&P 500 Below 4,000 Again - Time to Be Bearish?

 

November 29, 2022 (Investorideas.com Newswire) Stock Prices pulled back and the S&P 500 went below the 4,000 level again. Is this a downward reversal?

The S&P 500 index lost 1.54% on Monday, as the broad stock market retraced most of its last week's advances on a renewed interest rates' uncertainty, among other factors. On Friday the index reached a local high of 4,034.02, and yesterday it went back below the 4,000 level. Stock prices have been fluctuating since November 10 rally.

This morning the S&P 500 is expected to open 0.1% higher, so we may see some more short-term uncertainty. The index went below the 4,000 level, but it continues to trade above an over month-long upward trend line, as we can see on the daily chart (chart by courtesy of http://stockcharts.com):


Futures Contract Trades Below 4,000

Let's take a look at the hourly chart of the S&P 500 futures contract. It is trading below the 4,000 level this morning. It still looks like a consolidation within an uptrend, as there have been no confirmed negative signals so far. (chart by courtesy of http://tradingview.com):


Conclusion

Stocks will likely open slightly higher this morning. The market may retrace some of its yesterday's decline of 1.5%. There have been no confirmed negative signals so far. It looks like a correction or a consolidation within an uptrend. Investors will be waiting for the important CB Consumer Confidence release at 10:00 a.m.

Here's the breakdown:

  • The S&P 500 index pulled back below the 4,000 level yesterday.
  • It still looks like a consolidation or a relatively flat correction within an uptrend.

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Thank you.

Paul Rejczak,

Stock Trading Strategist

Sunshine Profits: Effective Investments through Diligence and Care

The information above represents analyses and opinions of Paul Rejczak & Sunshine Profits' associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Paul Rejczak and his associates cannot guarantee the reported data's accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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