Opinion: Stocks are trying to break out of a trading range but resistance is too strong


The stock market, as measured by the S&P 500 Index SPX, has failed to overcome resistance at 4200. That is bearish, and SPX has backed off sharply since the most recent attempt to challenge 4200 occurred late last week.

That attempt was spurred by positive earnings from Meta Platforms META and others. Now the focus has shifted to interest rates and inflation once again, and that is bearish. So, SPX has pulled back and looks like it once again is going to challenge support in the 4050-4070 range.



Source link