S&P: Bottom confirmed ?
The economic context is bad: inflation; rising interest rates; war; possible recession; company figures that show a weakening; excessive rise of the US dollar...
From a contrarian point of view we can assume that the market has certainly already priced in all this news. Unless there is another bad surprise, prices should continue the rebound or at least stop falling.
On this chart: we see that the SP500 is building a bullish configuration. It is breaking the 50% of the post-covid bullish push which was also a major polarity level (support turned resistance). Despite the fact that it is summer, volumes remain relatively high.
We could therefore consider a climb to around 4170.
From a contrarian point of view we can assume that the market has certainly already priced in all this news. Unless there is another bad surprise, prices should continue the rebound or at least stop falling.
On this chart: we see that the SP500 is building a bullish configuration. It is breaking the 50% of the post-covid bullish push which was also a major polarity level (support turned resistance). Despite the fact that it is summer, volumes remain relatively high.
We could therefore consider a climb to around 4170.
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