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Asset Watch
Friday, February 10, 2023
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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