bullish
Weekly Stock Bullfinder - Week of 12/12
SUMMARY
- A few weeks back, I posted a chart showing the descending weekly trend line of the S&P 500 index to remind myself that the trend reminds down until price confirms a change in the power trend.
- This week, notable events include the Core CPI print on Tuesday, Fed press release and meeting on Wednesday, retail sales on Thursday, and S&P flash Services and Manufacturing PMI on Friday.
- As of today, while a favorable inflation and Fed meeting could change things, the rejection of the S&P 500 again at the descending trend line and a hold of the 200 day moving average, suggests that the next leg lower could be in order similar to other bear market rallies so far this year.
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