The SP500 has had a very rough December, and we suspect that January is just going to be more of the same: forextrading technicalanalysis forex FX
| on January 01, 2023Enter your emailhas had a very rough December, and we suspect that January is just going to be more of the same.
The 3600 level has offered a significant amount of support recently, but I believe that the market is going to continue to be negative in general.As you can see on the weekly chart, there is a very clear trendline that we have been following, and it’s also where we failed in the middle of the month. With the Federal Reserve reiterating its desire to be extraordinarily tight with monetary policy, it does make sense that the S&P 500 continues to struggle.
Unfortunately, narratives are a great way to lose money, especially when it comes the stocks, as there is almost always some type of nonsensical wish being fulfilled. I do not believe that the Federal Reserve is anywhere near changing its attitude, and you need to look at stock through the prism.
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