Technicals | Feb 21 2023
By Michael Gable
The US market was closed overnight, but the S&P 500 Index continues to pull back in an orderly manner.
Locally, the S&P/ASX200 Index is pulling back in a sharper manner because of the January rally, but we are not seeing any heavy selling across the board. Reporting season is offering some weakness in selected stocks, but we are not seeing the type of selling that characterised 2022.
If anything, there is a lack of buying pressure as opposed to indiscriminate fear-based selling. This is a positive sign and it means that we can look for opportunities for when the market finds its feet again.
Today's research has charts on the S&P 500 Index.
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