• 755 days Will The ECB Continue To Hike Rates?
  • 755 days Forbes: Aramco Remains Largest Company In The Middle East
  • 757 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,157 days Could Crypto Overtake Traditional Investment?
  • 1,162 days Americans Still Quitting Jobs At Record Pace
  • 1,164 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,167 days Is The Dollar Too Strong?
  • 1,167 days Big Tech Disappoints Investors on Earnings Calls
  • 1,168 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,170 days China Is Quietly Trying To Distance Itself From Russia
  • 1,170 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,174 days Crypto Investors Won Big In 2021
  • 1,174 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,175 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,177 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,178 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,181 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,182 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,182 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,184 days Are NFTs About To Take Over Gaming?
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

A Time for Caution and Respect ...

It Tas been a rally with no significant upside resistance for the S&P 500 ... until now.

In 2007, the market started its journey down in a ride where many investors where afraid to jump off of the moving train. Since March of this year, many have left their fear behind as the S&P moved up once again in a rally with Government and Fed rhetoric singing songs of "the recession is over".

That was nice ... but there was very little overhead resistance to stop the rally.

But now, for the first time since March, we are challenging a very formidable resistance level as seen on today's chart.

It is not "just any resistance" ... it is a Major level that was in existence before the market had its big plunge after last September. And now we are testing that resistance. In fact, the S&P 500 tested that resistance last week and pulled back.

The testing is technically still in play because the S&P has recently been making higher/highs and higher/lows. That is the definition of an up trend, so the failure to penetrate the resistance was not official and can't be unless a down trend begins.

Until then, the S&P has the possibility to retest this Major resistance level. Since this is a Major resistance level, it is a place where caution and respect is warranted.

 

Back to homepage

Leave a comment

Leave a comment