Stocks Analysis by Fawad Razaqzada covering: S&P 500, Dow Jones Industrial Average, Crude Oil WTI Futures, United States 10-Year. Read Fawad Razaqzada's latest article on Investing.com
Stock bulls may find it difficult to justify buying stocks at these elevated levels as yields rise.retreated sharply after hitting fresh record highs in the first trading day of the month and quarter on Monday. The mini-reversal came amid renewed concerns about inflation and profit-taking following the massive gains in the last two quarters.
So far in 2024, these worries and concerns about over-stretched valuations have been shrugged off by investors. Let’s see if that changes as we start Q2 and head deeper into 2024. Bearish speculators still need to see a confirmed reversal signal of the charts given the strength of the rally in the past 5 months or so.yields rose 10 basis points on Monday, before climbing further in the first half of Tuesday’s session as WTI crude oil prices climbed above $85.00 per barrel.
Even if we see a small pullback, the bears will still need to see further evidence of a market top. For example, a break from the rising channel or wedge would be needed. Key short-term support comes in at around 5180, where the 21-day exponential moving average also comes into play.
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