SPX500 Index Has a Choppy Session -
The market will continue to see a lot of noisy behavior more than anything else, so you will need to be cautious about your. Quite frankly, I did have a major problem getting a handle on the overall market during the day, as it was one of those days that you are generally better off sitting out. That being said, I do think that a market is more likely a place where you have to let it prove itself.
We have had a massive rally, and it’s difficult to get overly excited about a market that has shot straight up in the air. A lot of people out there believe that the Federal Reserve is going to step away from quantitative tightening, while the Federal Reserve swears up and down it’s going to do it. In this scenario, somebody is going to lose, and my suspicion is this going to be the American public.
Having said that, it looks to me like the markets have nowhere to be in the short term, and therefore you have to look at it through the prism of a grind until we get to next week. As soon as we get the next week and get central bankers bloviating about what they are going to do to fight inflation, that’s when momentum picks back up again. There have been a lot of people out there reading dovishness coming out of the Federal Reserve, while there have been several counterbalancing that suggest that they “misunderstood the Fed.
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