More uncertainty for stocks: Is there further upside?

Stocks didn’t move much on Friday, with the S&P 500 closing 0.19% lower after reaching a new all-time high of 5,733.57 on Thursday. So, was Friday’s session just a pause before another leg higher, or is it signaling a potential topping pattern ahead of a downward correction? Today, the market is likely to open 0.1% higher, as indicated by futures contracts, and the index is expected to continue its short-term fluctuations.

Historically, a dropping VIX indicates less fear in the market, and rising VIX accompanies stock market downturns. However, the lower the VIX, the higher the probability of the market’s downward reversal. Conversely, the higher the VIX, the higher the probability of the market’s upward reversal. Futures contract: Topping pattern or just pause? Let’s take a look at the hourly chart of the S&P 500 futures contract. This morning, it’s trading sideways again, fluctuating after Thursday’s rally.

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