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Christopher Lewis
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US Stock Indexes

The S&P 500 has gone back and forth during the trading session on Thursday as the market is awaiting the Jerome Powell speech and whether or not he mentions what is going on in the bond market. After all, the bond yields have caused a bit of a headache for traders around the world, and therefore one would have to wonder whether or not the Federal Reserve is going to continue to see the bond yields rising as “transitory”, or if they will actually step in and do something. A lot of traders are banking on some type of yield curve control or bond purchasing program being announced soon.

S&P 500 Video 05.03.21

Even though we have broken through a major uptrend line, the reality is that there is another one just below and of course the jobs number could send this market right back around. All things being equal, this is a market that I think goes higher given enough time, but this little pullback has certainly woke some people up. Given enough time, I do believe that this market continues to find a way to get towards the 4000 level, as it is a target for a lot of pundits, and of course is the measured move from the previous consolidation between 3200 on the bottom of a rectangle and 3600 on the top. Ultimately, this is a market that has been in an uptrend for some time and I do think that we should continue to see buyers come in on these dips as we have for several years now. Quite frankly, not enough has changed to make this market suddenly bearish.

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

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