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Stocks - Short-Term Uncertainty Following Recent Declines

 

December 22, 2022 (Investorideas.com Newswire) S&P 500 index bounced from 3,800 level - was it a reversal or just upward correction?

The S&P 500 index gained 1.49% yesterday, as it retraced some of the recent declines. It went closer to the 3,900 level again after bouncing from Tuesday's new local low of 3,795.62. On Tuesday the markets were very volatile, but they didn't extend their declines. Recently the S&P 500 reacted to last week's Wednesday's FOMC interest rate hike, among other factors.

Today stock prices are expected to open 0.8% lower after better-than-expected economic data releases (Final GDP, Unemployment Claims). In early December the S&P 500 index broke below its two-month-long upward trend line and it moved sharply lower after getting back to that line last week, as we can see on the daily chart:


Futures Contract Trades Below 3,900

Let's take a look at the hourly chart of the S&P 500 futures contract. Yesterday it broke above the 3,900 level, but this morning it's trading lower again. The support level remains at around 3,800.


Conclusion

The S&P 500 index will likely open 0.8% lower this morning. Stocks bounced on Wednesday, but today we may see some more uncertainty and a sideways trading action. There have been no confirmed positive signals so far. However, stocks may be forming a bottom here.

Here's the breakdown:

  • The S&P 500 index retraced some of its recent declines yesterday.
  • Stocks will likely extend their short-term consolidation ahead of a holiday weekend.

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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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