The stock market is sitting on the edge of ending a year-long bear market and entering a new bull market after theBut in order for a new bull market to be sustainable, a few signals have to flash, according to a Wednesday note fromStockton said the current short- and long-term bias of the stock market leans bearish, but that progress has been made amid an ongoing consolidation phase that has absorbed short-term overbought conditions. And the short-term volatility is likely not over.
But if stocks can manage to continue their consolidation phase and edge less than 1% higher from current levels, a new bull market could be upon us, according to Stockton, who highlighted 4,155 on the S&P 500 as a key resistance level that needs to be cleared. And if a potential breakout above that key resistance level coincides with a continued decline in stock market volatility, as measured by the CBOE Volatility Index , then the rally could really get going, according to the note.
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