Friday witnessed some selling as managed money and portfolio managers closed bag holders and equities that were not showing much promise. Sellers in US equity futures tried but failed to push us much lower. The S&P closed exactly 930.33 points better YoY [or a little over 24%] having closed the last trading day on 2022 at 3839.50 and closing this past Friday at 4769.83. This move still has legs and could continue higher especially after the last retracement sought out the Fib 38.2 level as you will see from the chart below:
Chart [Emini S&P Futures - March 2024]
Expect this move to initially exhaust just above 4880 as we head into the economic calendar of events in January'24 with important events pinned below:
On the date of publication, Murali Sarma did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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