S&P 500
The S&P 500 has pulled back just a touch during the trading session here on Wednesday, pulling back to show signs of exhaustion. But ultimately, this is a market that is hanging around the 7,800 level.
And the 7800 level is going to continue to be a level that a lot of people watch
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As it was previous resistance, markets turning around could open up the possibility of value hunters entering the key area, as the S&P 500 has been in an uptrend for quite some time.
Keep in mind that the 50-day EMA sits underneath and is offering support. So, all things being equal, this is a market where buyers will be looking at this through the prism of trying to find value in a market that has been resilient despite the fact that there have been elevated interest rates.
Quite frankly, if you would have told me that the 10-year yield was going to be right around 5.3% a year ago, I would have said that the S&P 500 certainly is down. But really, we just broke out yesterday, pulled back a little bit to perhaps collect more buyers.
So, this to me looks like a buy-the-dip type of market. I do not see anything on this chart that makes me nervous, despite the fact that I can give you plenty of reasons why it should be a nervous market.
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