616 days ago • Posted by Paul de La Baume
#S&P500 gets close to 50% retracement $SPY $QQQ #stocks #trading
The S&P500 (4'220) is getting close to its 50% Fibonacci retracement level of the entire decline in the S&P500 stands at roughly 4'231, which would suggest the lows are in. Behind the rise, investors are increasing bets the Federal Reserve will pivot to a less aggressive monetary policy in the coming months. That is with inflation still well above the 2% target level, but showing encouraging signs of slowing down. Traders should watch out for signs inflation is not slowing down as expected, looking at more data such as the PPI today and Friday's import/export prices and the Michigan expectations survey. In the meantime, momentum and risk-on mood could carry stocks higher as those stocks with the largest decline this year could make the most gains.
