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The Dow Jones Industrial Average closed down 592.70 points, or 1.20%, at 48,908.60 on Thursday, February 5; the S&P 500 closed down 84.42 points, or 1.23%, at 6,798.30; and the Nasdaq Composite closed down 363.99 points, or 1.59%, at 22,540.59.February 6th - U.S. stocks closed lower on Thursday. The Dow Jones Industrial Average fell 1.2%, the S&P 500 fell 1.2%, and the Nasdaq Composite fell 1.59%, marking the third consecutive day of declines for the latter two. The Nasdaq has fallen nearly 4% this week. Tesla (TSLA.O) fell 2%, Nvidia (NVDA.O) fell more than 1%, and Oracle (ORCL.N) fell 7%. The Nasdaq China Golden Dragon Index closed up 0.9%, Dingdong Maicai (DDL.N) fell 14%, and NIO (NIO.N) rose 6%.February 6 – Canadian Prime Minister Mark Carney announced a new electric vehicle strategy on February 5, including the reintroduction of purchase subsidies and a commitment to collaborating with China to promote domestic production and export of electric vehicles in Canada. According to a statement released by the Prime Ministers Office, Canada will fully utilize existing and new trade agreements, including the recent electric vehicle cooperation agreement with China, to promote large-scale investment in the sector, diversify Canadas automotive export markets, and establish Canada as a global leader in the electric vehicle industry.The United States will remove 1,675 retaliatory tariffs on Argentine products.The Venezuelan parliament, controlled by the ruling party, supported the amnesty law in its initial trial.

Nine Reasons Why the S&P500 Should Continue to Rally

Skylar Shaw

Apr 07, 2022 11:11


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S&P 500 Technical Comparison With 2021 Rally

Although it is frequently said that "past performance is no guarantee of future outcomes," in this update, I will examine nine distinct TA items to determine whether, as Mark Twain famously remarked, "History Doesn't Repeat Itself, But It Often Rhymes." Take a look at Figure 1.


Figure 1: Daily candlestick charts of the S&P500 using a variety of technical indicators and moving averages.


The comparison to November 2021 shows that increased costs are on the way.


I compare the present rally to the one that began in October 2021 and lasted until December 2021, since the SPX has already risen about 500 points from the February 24 low. In the Tas, I've numbered the similarities between then and today. This approach enables objective evaluation of the price chart:


  1. The Bollinger Bands expanded initially (black arrows), then the lower band bottomed, followed by a move back up, much like the index.

  2. The index is above its 200-day simple moving average (in red) (SMA)

  3. The Ichimoku Cloud is above the index.

  4. The index is above the 50-day SMA.

  5. The index is above the 20-day SMA.

  6. The index dropped slightly before rallying.

  7. The RSI5 dropped quickly, but did not go below 50.

  8. The MACD fell slightly, and the histogram crested, but it was still solidly going upward.

  9. MFI14 (Money Flow Indicator) remained around 70.

US Stock Market Technical Forecast

Since the notorious February 24 bottom, the S&P500 has rebounded almost 500 points. There are (at least) nine parallels between the most recent surge (October-December 2021) and presently, according to an impartial examination. The surge paused for a short while before adding 4.5 percent, followed by a more dramatic reversal (-5.3 percent).


The index experienced a brief pause in the middle of last week and has since resumed its upward trend. Similar to the surge in October and December of 21. Based on these nine comparable TA settings, the current rally has a good chance of reaching new uptrend highs (think SPX4750+/-50) before a more major pullback (think SPX4350+/-50).


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