The S&P500 ($SPX) rose 2.7%, climbing past the 50-day moving average and taking aim at the 200-day.
2023-01-15-SPX Trendline Analysis - Daily
The ADX signal remained in bullish territory, while price and volume moved into an uptrend on Wednesday.
2023-01-15- SPX Elliott Wave Analysis - Daily - Primary Y
Elliott Wave analysis remains bearish. RSI(5) shows the index is overbought, and MACD crossover is less bullish than it would appear due to low volume consolidation over the holiday period. Reclaiming 4100 would likely change to this indicator back to bullish.
Short week (markets closed Monday in honor of MLK), short post!
Best To Your Week!
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Sources: Bloomberg, CNBC, Federal Reserve Bank of St. Louis, Hedgeye, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics
How to Make Money in Stocks: A Winning System in Good Times and Bad.
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