The post Stocks to open lower: Will they close lower? appeared on BitcoinEthereumNews.com.

Friday’s trading session is likely to open lower, with the S&P 500 index expected to dip by 0.6% following Wednesday’s record-breaking rally and Thursday’s consolidation. Yesterday, the index gained 0.23%, remaining close to its new record high of 5,447.25, which was reached on Wednesday after a lower-than-expected CPI reading. In my forecast for June, I wrote “For the last three months, the S&P 500 index has been fluctuating along new record highs, above the 5,000 level which was broken in February. It looks like a consolidation within a long-term uptrend, but it may also be a topping pattern before some meaningful medium-term correction. What is it likely to do? As the saying goes, ‘the trend is your friend’, so the most likely scenario is more advances in the future. However, a negative signal would be a breakdown below the 5,000 level. That would raise the question of a deeper correction and downward reversal. I think that the likelihood of a bullish scenario is 60/40 – a downward reversal cannot be completely ruled out. The market will be waiting for more signals from the Fed about potential interest rate easing, plus, at the end of the month, the coming earnings season may dictate the market moves.” Investor sentiment much improved, as indicated by the AAII Investor Sentiment Survey on Wednesday, which showed that 44.6% of individual investors are bullish, while 25.7% of them are bearish (down from last week’s reading of 32.0%). The AAII sentiment is a contrary indicator in the sense that highly bullish readings may suggest excessive complacency and a lack of fear in the market. Conversely, bearish readings are favorable for market upturns. The S&P 500 index remained above the 5,400 level yesterday, as we can see on the daily chart. Nasdaq 100 reached new record The technology-focused…

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Filed under: News - @ June 14, 2024 5:18 pm