S&P500: At The Major Trendline

Technicals | Oct 31 2023

By Michael Gable 

Share markets have had another negative week as they entered that fearful stage where all news is bad news. The war in the Middle East is taking centre stage, but strong GDP numbers out of the US have markets worried that rates won't be coming down soon. This is despite bond yields actually moving lower in the past several days.

Generally, a strong economy leads to higher share prices - we just have to ignore the daily noise. We remain at that stage where we are looking for signs of a bounce as most of the damage at the index level has been done.

This week's report has an updated chart of the S&P500 Index.

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