| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3796 Registered: 05-2011 Rating: N/A |
Market Briefing: Sellers lacking resolve The stock market has been floating in a relatively narrow trading range today (certainly relative to previous sessions). The span between the low and high today for the S&P 500 is approximately 25 points. A short time ago, the S&P 500 traded back up to test its opening high (4698) where it was then met with some resistance. It is currently little changed for the session, which will qualify as a positive indication in light of the strong gains seen in recent sessions. The lack of resolve on the part of sellers is an encouraging development for the bull camp, which is likely feeling emboldened about the possibility of a strong finish to 2021 knowing that fears of the Omicron variant have subsided, that Congress looks to be on track to pass a debt limit increase without any eleventh-hour drama, and that seasonality trends run in its favor this time of year. If there is a spoiler to a year-end push, it would likely be a geopolitical shock or a fast-paced rise in interest rates. The FOMC has its meeting next week and it will include updated economic and interest rate projections. It will also likely include news of a stepped-up pace of tapering activity. This meeting will follow on the heels of the November CPI report, which is being released on Friday. |