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Asset Watch
Tuesday, March 7, 2023
S&P 500 seasonality turns bullish in mid-March and lasts until the end of April. As a result, the calendar is approaching a period where the bulls have the upper hand. Likewise, the S&P 500 rallied sharply from Mar. 15-29, 2022, and the fundamentals were highly uncertain back then.
More importantly, the index broke out above its declining resistance line in early January. After backtesting the move, the line became support, and the S&P 500 bounced on Mar. 2 and continued the momentum on Mar. 3. Therefore, the technicals remain constructive, and the bulls should be given the benefit of the doubt until this changes.
So, will seasonality rule the March and April months, or is this time different?
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