Market Overview Analysis by Michael Kramer covering: USD/CAD, S&P 500, US Dollar Index Futures, United States 2-Year. Read Michael Kramer's latest article on Investing.com
weakened and spreads narrowed. The rally came after six straight days of losses and wasn’t very impressive. After climbing around 1.4%, theWhat seems interesting on the surface is that the index has now tested the downtrend it broke on April 15 three times. Each time, that trend line has offered resistance and resulted in another leg lower. yesterday was no different. So, barring a gap higher today and a move beyond 5,040, the trend remains firmly lower at this stage.
Each time the touch came, it came at an essential point for the S&P 500, maybe by chance, maybe not by chance. However, the October 2022 top coincided with the equity market bottom, and March 2023 came around the same time as the equity market bottom; one could say the same about the October 2023 top.
This takes us back to the beginning; if economic data, and more importantly, inflation data, continues to be hotter, then these spreads will continue to widen because rates in the US will continue to rise. The dollar will continue to strengthen, which means financial conditions will continue to tigthen, and as I have shown above, stocks will continue to trend lower.
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