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The S&P 500 Is Attempting To Negate Its October Breakdown

Written by Jesse Colombo | Nov 7, 2018

Market sentiment has shifted significantly now that the U.S. mid-term election is over and Congress is gridlocked. The S&P 500 jumped 2.12% and the Nasdaq Composite surged 2.64%. The S&P 500’s rally caused it to break back above a key three-year-old uptrend line that it broke below two weeks ago. If the index is able to close above this uptrend line on the weekly chart, it will have negated the bearish signal given when it broke the trendline. A close on the weekly chart is needed to confirm this move.

S&P 500

Please review our Chief Investment Strategist Lance Roberts’ most recent newsletter to learn how we are positioning in this market.

We at Clarity Financial LLC, a registered investment advisory firm, specialize in preserving and growing investor wealth in times like these. If you are concerned about your financial future, click here to ask me a question and find out more. 

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