S&P 500 INDEX Weakening In Line With Model Reading
- Lester Davids
- Dec 30, 2024
- 1 min read
On 05 December research highlighted the overextended level of the index, sighting the risk of a medium term retracement. The index subsequently consolidated which was followed by a sharp sell-off, triggered by the announcement of an interest rate cut, which was seen as a so-called 'hawkish cut'. The index entered ultra short term oversold conditions, finding support on it's rising 75-day EMA, which was followed by a rebound. The current price action reflects a mixed bag, with a sightly bearish bias i.e. a tapering of the previous aggressive upward momentum into a neutral regime. Comment as of 30 December 2024 at 12h35.
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Thursday 05 December 2024 (Time: 21h49)
Lester Davids
Analyst: Unum Capital
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