AFMC - S&P 500: Too Bullish - Week Starting 5th February (Technical Analysis)
2024-02-04 16:00:00 ET
Summary
- The S&P 500 surged to new all-time highs on Friday as buyers lapped up the strong Jobs Report and ignored the rally in yields.
- Sentiment is too bullish and I am looking for a reversal from just under 5000.
- Seasonality is weaker in February, with the second half of the month being the worst two-week period of the year.
Last weekend's article warned the S&P500 ( SPY ) was likely to react from 4918 in the early part of the week and highlighted 4842-44 as key support where "the most likely reaction is to form a bullish consolidation to set up higher." ...
S&P 500: Too Bullish - Week Starting 5th February (Technical Analysis)