Indecision Grips The S&P 500 Amid Rising Misery Index

I last wrote about the and the Federal Reserve .

The high-wave candle forming on the following weekly chart of the SPX indicates indecision by investors.

It’s formation, thus far this week, follows Wednesday’s FOMC and Chairman Powell’s …about which I wrote in the above-mentioned article.

As of Wednesday’s close on this weekly candle, the Balance of Power is slightly in favor of the buyers.

However, with very little price movement to the downside, that balance can shift in an instant.

It’s one indicator worth watching, especially into Friday’s close this week, and beyond.

S&P 500 Weekly Chart

With the Misery Index on the rise, we’re likely to see high continue in both directions in all markets for the foreseeable future and into 2023, and beyond.

The Misery Index is currently at 10.94.

My post entitled SPX: The Blowoff Phase Has Begun describes the factors affecting these moves and provides links to a variety of my articles for further insights, as well as price targets and support/resistance levels for the SPX…all worth a read.

You can read about the Misery Index here.

U.S Misery Index

U.S Misery Index

Source: MiseryIndex.us

Jan 2022 Misery Index
Baker Quote

Baker Quote

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x

Get Registered For FREE Forex Training!

Fill In Your Details To Get Registered For FREE Forex Training!

Do You Know About Forex Trading?(Required)
Have you done Forex Trading before?(Required)
Where did you hear about us?(Required)