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Asset Watch
Thursday, February 16, 2023
For example, the S&P 500 has broken above its monthly declining resistance line, and the milestone has bullish implications. Furthermore, the index continues to bounce off its 20-day moving average, which stands near 4,081. Therefore, if the bulls can hold the key level, it will support higher prices over the next few weeks.
If not, the S&P 500’s rising support line is near 4,000 and should help cushion the blow if a sell-off occurs. Remember, while the index passed the payrolls and CPI tests, a strong retail sales print on Feb. 15 could be the next source of fundamental volatility. The reason is Treasury yields have risen materially in recent days, and the S&P 500 often struggles when interest rates rise.
As such, a cloudy fundamental picture contrasts the bullish technical outlook. But will the latter be enough to push the price higher from here?
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