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Stock Prices Go Sideways - Are They Forming a Bottom?

 

December 28, 2022 (Investorideas.com Newswire) The stock market extends its week-long consolidation - is this still a potential bottoming pattern?

The S&P 500 index lost 0.40% on Tuesday, as it bounced from the 3,800 level once again. Last week on Thursday it reached new medium-term low of 3,764.49, before bouncing back above 3,800. Overall it extended a week-long consolidation following the decline from 4,100 level. Recently the S&P 500 has been negatively reacting to the December 14 FOMC interest rate hike, among other factors.

Today the S&P 500 will likely open 0.1% higher and we may see more uncertainty and a consolidation along the 3,800 level. In early December the S&P 500 index broke below its two-month-long upward trend line and recently it moved sharply lower after getting back to that line, as we can see on the daily chart:


Futures Contract - Still Close to 3,850

Let's take a look at the hourly chart of the S&P 500 futures contract. This morning it is trading within a relatively narrow price range. The resistance level remains at 3,900-3,920, and on the other hand, the support level is at 3,800.


Conclusion

The S&P 500 index keeps extending its consolidation following mid-month sell-off. Today we may see a quite neutral opening of the trading session. 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 extended its short-term consolidation on Tuesday.
  • There have been no confirmed positive signals so far, however, stocks may be forming a 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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