Stocks Slide into Support, PCE, Consumer Sentiment on Deck
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.
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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?