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Stocks didn’t move much on Friday, with the S&P 500 closing 0.19% lower after reaching a new all-time high of 5,733.57 on Thursday. So, was Friday’s session just a pause before another leg higher, or is it signaling a potential topping pattern ahead of a downward correction? Today, the market is likely to open 0.1% higher, as indicated by futures contracts, and the index is expected to continue its short-term fluctuations. The question remains: Will the uptrend continue, or is this just part of a volatile consolidation, potentially forming a topping pattern before a downward reversal? I still think that the market is forming a high, and the seasonal pattern will play out in such a way that indexes will set their highs in September, with the low of the correction occurring in October. Investor sentiment improved last week, as shown by the Wednesday’s AAII Investor Sentiment Survey, which reported that 50.8% of individual investors are bullish, while only 26.4% of them are bearish, down from 31.0% last week. The S&P 500 index is trading around the 5,700 level, as we can see on the daily chart. S&P 500 gained 1.4% last week Compared to the previous Friday’s close, the S&P 500 gained 1.36%, extending its previous week’s rally of 4%. The market broke above its highs from July and August. However, the end of last week’s trading suggests a short-term high may have been reached. Key support is located at the previous highs around the 5,650 level. Nasdaq 100 remained below 20,000 The technology Nasdaq 100 index lost 0.24% on Friday, after gaining 2.6% on Thursday. However, it remains relatively weaker than the broader stock market, trading near its local high from August 22 and significantly below the July 10 record high of 20,690.97. This morning, the Nasdaq 100…

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Filed under: News - @ September 23, 2024 3:26 pm