Indices Talking Points News Today

The S&P 500 found support at its 200-day moving average this morning, while the Nasdaq has its own 200 dma as key resistance and the Dow as key support.

Stocks put in a reversal mid-day in yesterday session but were able to grasp on to key supports today. The next major driver is CPI on Thursday.

Equities are ranging and the S&P is coiling into a tighter consolidation formation as a symmetrical triangle has built inside of a rectangle formation.

It’s been a blistering year for equities with solid price action trends on both sides of the equation, but inflation remains a problem going into 2023.

It was a bearish year for stocks but the swings were aggressive on both sides, offering setups on both sides to swing traders as a new theme took over markets in 2022.

A strong final reading of Q3 GDP gave bears some room to work today, but the S&P and the Dow put in strong bounces from key supports.

The S&P 500, Nasdaq and Dow Jones all ran into key support levels to start this week – which led to today’s bullish response. But can buyers still push a Santa Rally?

Yesterday brought a strong intra-day reversal in stocks, exposing a long upper wick on daily candles of SPX, NDX and YM. The big question now is whether the Fed gives bears motivation for follow-through.

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US equities have shown a tendency towards range-bound behavior but the Nasdaq is starting to show a bearish lean: Might the impasse be nearing a break?