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Asset Watch
Friday, January 5, 2024
If the green-to-red connection occurs again, a pullback near 4,600 could be the extent of the damage. It’s common for assets to retest breakouts, and after eclipsing the key level in December, a correction could help reset sentiment and set the stage for the next leg higher. As a reminder, CNN’s Fear & Greed Index still had an “Extreme Greed” reading on Jan. 2, as the metric only declined by four points from its recent high.
It’s also worth keeping in mind that while U.S. Treasury yields have risen recently, the fundamental fuel of lower interest rates uplifting risk assets has cooled somewhat.
Will a healthy correction be the main story this month, or will the S&P 500 hit a new record high before February?
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