Stocks Analysis by Michael Kramer covering: S&P 500, United States 3-Year, United States 10-Year, United States 30-Year. Read Michael Kramer's latest article on Investing.com
rose to what is becoming a very important level of resistance at 4,375. It has significance from a few standpoints; it was a level of support and resistance going back to mid-August. It was level the index gapped below back below in late September and has been resistance since then.
This has happened on several occasions since the peak in 2022, and ultimately, the index has resolved in the direction of the larger trend, which in 2022 was lower and in 2023 had been higher until mid-July. If, indeed, this pattern persists and the trend now is lower, then the S&P 500 is likely to resolve lower and, based on previous examples, into a new low.
So, we will see how this week’s auctions go. Last month’s auctions were a disaster, and now, this month, the size has grown, and we should expect it to go better. Pay attention to the 1 PM ET time slot this week from Tuesday, Wednesday, and Thursday, when the auction results will be released. Better auctions mean rates go lower, and bad auctions mean rates go higher.
On daily time frames markets had an excellent last week, but the large white candlestick on the weekly time frame after weeks of bearish red ones is not typically bullish or one...
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