Stocks Analysis by Michael Kramer covering: S&P 500, US Dollar Index Futures, S&P 500 Futures, United States 10-Year. Read Michael Kramer's latest article on Investing.com
Stocks finished the day flatish, no surprise, given the rally last week and the trends we have seen over the last 18 months. As of yesterday, thecall wall is still at 4,400, and that means this index will remain capped until such time the call wall rolls higher or we begin to see the index trade lower again.
These rallies have become unable at best throughout 2022, and they tend to end similarly. If correct, the call wall at 4,400 should act as a ceiling on stocks advancing, and eventually, we should trade lower again, just as we have seen since the mid-summer and most of last year.up and holding to support at the 50-day moving average, but more importantly, at a short-term support level of around 4.5%. We need to see the 10-year get above 4.
If credit spreads continue to widen, then it will be tough for stocks to rally whether we are in a seasonally bullish time of the year or no matter how many breath thrust indicators, Vanna and charm flows we have, or colors of the rainbow. My biggest problem is that I like to deal in a world of facts, mechanics, fundamentals, and technical. Right now, that is where they take me.No surprise to see sellers come in after last week's solid gains. The good news is that selling volume was well down on last week's buying, and price action was relatively stable...
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