Technicals | Mar 28 2023
Michael Gable of Fairmont Equities notes that despite the events of last week, the charts suggest Wall Street is still bullish.
By Michael Gable
We noted last week that the fear in markets seems to be more driven by the media, and despite the Aussie market posting its seventh weekly loss in a row, it still seems as though that is the case.
When we look at the local index, it is finding the support that we anticipated last week. This week we have looked at the charts of the S&P500 Index and the Nasdaq, and although it is contrary to what most people are saying, our view is that these indices look bullish. That is, we are not seeing evidence (yet) that the market is going to roll over.
If anything, risk is to the upside and these are times to be watching very closely for stocks to buy. Once we see some upside breaks, which could be very soon, we should be able to spot some great opportunities. In the meantime, today's report has a chart on the S&P500 Index.
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