S&P 500 Continues to Flirt With 4500

The S&P 500 has pulled back a bit during trading on Wednesday to show hesitation at the 4500 level. This is a market that continues to see a lot of noisy behavior, and I think that will more than likely continue to be the case. Because of this, it is likely that we are going to try to consolidate in this area, but it certainly looks as if we are going to press the issue to the upside. There is a double top of the $4585 level above that could cause a bit of resistance, so that might be the next target if we do in fact rally from here.

S&P 500 Video 24.03.22

On the other hand, if we break down below the bottom of the candlestick for Tuesday, then it is likely we go looking towards the 200 Day EMA. The market does continue to look like it is a little overbought, so a pullback certainly makes quite a bit of sense. However, the way that markets have been behaving lately suggests that you can throw all sense of normalcy out the window.

Wall Street currently believes that Jerome Powell will not raise interest rates as rapidly as he once said, although the bond market has been arguing the point for massive interest rates. Sooner or later, one of these markets will have to be proven correct, and as a general rule, it is normally the bond market. However, price is price, and right now it looks like the buyers are still very much in control as long as we can stay in this general vicinity.

For a look at all of today’s economic events, check out our economic calendar.