S&P 500: Bounce Remains Likely Despite Bear Market Fears

📆 22/09/2023 12:09:00
📰 Investingcom

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Stocks Analysis by Jani Ziedins covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Jani Ziedins's latest article on Investing.com

gapped under 4,400 support yesterday morning and kept going as Wednesday’s fear trade continued.

After this wave of volatility and reflexive selling passes, the market will go back to what it was doing previously, which was consolidating this summer’s gains between 4,400 support and 4,400 resistance. If we get 400 sessions of continuation for every change in direction, the odds always heavily favor a continuation, not a change in trend.

Just because buying the bounce didn’t work on Wednesday or yesterday doesn’t mean that strategy won’t work on Friday or even next week. The market has a nasty habit of convincing us we are wrong moments before proving us right.

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