The S&P 500 Index Recovered Slightly, what will this mean for your stocks? See here:
The S&P 500 has a massive amount of resistance at the 4100 level, extending to the 4150 level. That is an area where we had seen a lot of action in the past, and the previous support level should offer quite a bit of “market memory” if we approach it again, so I think a lot of sellers will come into the picture. Signs of exhaustion will be jumped upon, and I think that this rally is going to be short-lived, to say the least.
Regardless, even if we do take off to the upside, I believe it is probably only a matter of time before we see exhaustion that people will jump on, as the bearish case is still very strong. After all, we have to worry about inflation, and a lack of growth. I am waiting for some type of exhaustion that we can take advantage of and have no interest whatsoever in trying to buy this market.
In fact, we need to get above 4300 to even have that conversation, something that I do not expect to see anytime soon. It is a matter of getting an opportunity, and that means taking your time and being patient.
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