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Stocks Jitter Ahead of Next Week's Key Data

 

December 9, 2022 (Investorideas.com Newswire) Stock prices rebounded, as the index went closer to support levels. Is the correction over?

The S&P 500 index gained 0.75% on Thursday, as it retraced some more of its Monday's-Tuesday's decline. On Monday the market reversed lower after a better-than-expected ISM Services PMI release, and on Tuesday it was as low as 3,918.39 (going down from its last week's local high of 4,100.51). Yesterday the market went closer to the 3,975 level.

This morning the S&P 500 will likely open 0.5% lower following higher-than-expected Producer Price Index release. So it may continue to fluctuate after the recent declines. It still looks like a weeks-long consolidation within an uptrend. However, on Tuesday the index broke below its two-month-long upward trend line, as we can see on the daily chart:


Futures Contract Went Below 4,000 Again

Let's take a look at the hourly chart of the S&P 500 futures contract. Recently it broke below the slight upward trend line, and before today's data release the market was trading back above it, and above the 4,000 level. Right now it's trading lower. The resistance level remains at 4,000-4,050.


Conclusion

Stock prices slightly rebounded on Thursday and today they will likely retrace some of that rebound. The market will extend its short-term consolidation and remain within a month-long trading range along the 4,000 level. Investors will be waiting for the next week's Tuesday's CPI release and Wednesday's FOMC release.

Here's the breakdown:

  • S&P 500 index fluctuates after its early-week sell-off.
  • The market may be forming a short-term bottom.

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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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