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Asset Watch
Tuesday, October 18 2022
Additionally, S&P 500’s weekly RSI also continues to make higher lows even as the S&P 500 makes lower lows. As a result, each sell-off is becoming less intense from a momentum perspective, and a diverging RSI is often a precursor to a reversal. Therefore, the technicals support a bounce in the weeks ahead.
Finally, a seasonality analysis by Goldman Sachs signals an S&P 500 bottom on Oct. 27. Historically, October tends to realise plenty of chops, where volatility reigns and the index stays range bound. Conversely, after Oct. 27, higher highs and higher lows often manifest until the end of the year.
Are the bears overplaying their hand or will 3,583 turn into 3,400 and then 3,000 in short order?
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