S&P 500 Market Outlook: Neutral & Deteriorating
As markets pullback on a deteriorating political landscape in the US, sending global markets lower, we are taking a pause on entering new positions today. We currently hold a cautiously bullish stance on the markets as SPY holds the $295 support level. We prefer to maintain our long positions unless the market breaks below this key major support level.
Price Action:
After forming a double top at $302.50 and failing to break above all-time highs, it has pulled back to $295 support. We may see a larger pullback before markets can resume higher to break above all-time high resistance levels.
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