And we also had the CPI earlier in the week. The latest of these sell-offs is the PPI release which came out on Thursday during the course of day session. And on each occasion where we’ve had those sharp sell-offs, the markets quickly found support and rebounded. And it is interesting when you break things down on a shorter-term basis because you can see that the markets had several sharp attempts to sell off. Now what I want to do, I want to go over to a 60-minute chart and really zoom in on the price action over the last few weeks. That’s a very different tone to what we were seeing during last year where the rallies were all quickly sold. Looking at these periods during 2002, it didn’t hold near highs for very long. So, that in itself isn’t overly exciting, but what is interesting is that it’s been holding up here near a four-month high for…the longest period it’s actually held near a four-month high since…you need to go back to 2021 to see the market at a four-month high for such a lengthy period of time. So, since February, we’ve seen the S&P 500 consolidating in a fairly tight range. And this is really starting to get interesting. So, we have the S&P 500 up on the screen. With all of that said, let’s get into our first chart. As always, this is general commentary and doesn’t take your personal situation into account. I’m also going to show you two fascinating sentiment graphs, so make sure you stick around for those. I’m going to cover the ASX 200, gold, copper, and uranium in a separate video, and I’ll leave a link for that in the description section below. This video is going to focus on the S&P 500.
The path of least resistance remains to the upside, and the play here remains approaching it from the long side.The S&P 500 is currently above its 50 and 100-day moving averages, and the moving averages are trending higher, indicating an upward trend.The four-hourly chart shows a distinct change in market behavior, with the market finding support at the moving averages instead of selling every time it gets up.The latest sell-off from the higher-than-expected PPI release may take some time to gain momentum or recover, and the Friday session in the U.S.On shorter-term charts, the market has had sharp sell-offs but has quickly found support and rebounded.The S&P 500 has been consolidating in a tight range since February and is holding up near a four-month high for the longest period since 2021.The video focuses on the S&P 500, and other assets like ASX 200, gold, copper, and uranium will be covered in a separate video.
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