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P&G shares rise despite Q3 sales miss

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Trends & Analysis
News

P&G shares rise despite Q3 sales miss

News

Gold continues to shine amid geopolitical worries

News

Crude oil dips for 3rd session after supply data

News

Is there an AI upside for AMD?

News

GBP/USD recovers following wage report

News

Buy the JPMorgan dip?

Asset Watch

Has the S&P 500 crossed the finish line?

 

Friday, February 10, 2023

All eyes were on Fed Chairman Jerome Powell on Feb. 7 as investors anxiously awaited his commentary. However, with his remarks largely in line with the recent FOMC meeting, the bulls continued their New Year’s celebration. He said:
“If we continue to get strong labour market reports or higher inflation reports, it may well be the case that we have to do more and raise rates more than is priced in.”
Followed by:
“We expect 2023 to be a year of significant declines in inflation. It’s actually our job to make sure that’s the case. My guess is it will take certainly into not just this year, but next year to get down close to 2%.”
S&P 500 Stock Chart Trading View

So, while the S&P 500 whipsawed intraday, Powell’s preference for patience helped keep the constructive technical backdrop in place.

A golden cross occurred on Feb. 3, where the S&P 500’s 50-day moving average crossed its 200-day MA from below. The milestone often has bullish ramifications, as it typically signals the beginning of a new uptrend.

Conversely, the one concern is that the index ended the Feb. 7 session nearly 5% above its 50-day MA, and periods of over-exuberance often end badly, as we witnessed in August. Therefore, while momentum is in place for another leg higher, it may be prudent to wait for a pullback before deploying capital.

Either way, is this the start of a new bull market, or will the bears have the last laugh?


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