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The U.S. Stock Market Doesn't Go Down (at least not yet)

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@scaredycatguide
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As we get toward late July we see the S&P 500 is on pace for a 4th straight positive month following the March sell-off and bounce. The rebound has been quite robust and is not far from testing all time highs.

We just saw prices close above the post pandemic high, so that would be the next target and thought the market seems to be disconnected from the economy it doesn't seem like the market is running out of steam.

Four Months of Rising

See the question is when the market reached all-time highs, then what? Let's drill down to a daily chart for a better idea.

When looking at the chart you can see a nice healthy gap to the left. That is the next upside target of roughly 3,335, following that 3,400 is essentially the next level, which you can see looking at the fibonacci level that coincides with the all time-high.

As for the downside, well - I don't see the point of talking about it. The U.S. stock market apparently does not go down.

Posted Using LeoFinance