https://youtu.be/7dvXmB1QMsc
The S&P 500 has fallen back towards what economists at Credit Suisse expect to define the bottom end of this range and key support levels at 4071/35, which includes the 63-day average and uptrend from November. They believe the choppy current consolidation can continue over the coming weeks, however the underlying bull trend remains strong and the index is eventually expected to move up to 4350 over the subsequent few months post this consolidation phase.
S&P 500 looks for further consolidation rather than a drawdown
“We maintain our base case of looking for a corrective/consolidation phase to emerge over the next few weeks, however we still believe the November uptrend at 4071, as well as the 63-day average and gap support at 4034/19 will floor the market to avoid a larger drawdown and keep the market in a consolidative range.” “A close below 4020/19 though would instead warn of a more protracted and concerted setback with supports seen next at 3950, then 3920, where we would look for fresh buyers to show.” “Above 4188 is needed to suggest the correction is already over for strength back to 4238, then 4260. Big picture, we look for a move to 4350.” Nick Note: I want to be crystal clear here. My often repeated refrain. The biggest greatest economic recovery and stock market rally in history has begun. At first with fits and starts as the no minds the stupid money frets about stupid shit. Like mistaking reflation as inflation…. or my favorite the FED will start the dreaded taper no longer buying 150 billiob a month in securities and raise rates. Or another worry supply chain shortages inducing TEMPORARY price increases. It is amazing to me how STUPID THE STUPID MONEY REALLY IS. DAH! why would you maintain inventories or build inventories during a depression induced by a plague. Its pretty simple you gear up production as you see demand returning… And that is exactly what is happening. I predict this will be our greatest trade ever. I hope and pray your smart enough and solvent enough to be their for what i believe could be the greatest market pay day ever.