SPX has successfully retested its 200dMA and got back above its 50dMA, a bull market action.

Mar 06, 2023

∙ Paid

SPX has successfully retested its 200dMA and got back above its 50dMA, a bull market action. Macro bears are still wildly bearish, given higher for longer tightening and high valuation. However, out of nowhere earnings revision are actually seeing an uptick. Bears are probably not just fighting the tape, but also the coming earnings upward revision. Investors should keep an open mind and be nimble at this goldilocks stage. Market can challenge 4300 by early May, catching bears off guard.

Keep reading with a 7-day free trial

Subscribe to Queensbury Global Advisors to keep reading this post and get 7 days of free access to the full post archives.