We’re through the first week of January and while the bulls don’t have much to brag about yet, they managed to hold the line with the market staging a nice rally into Friday’s close. In fact, as you can see below, the S&P closed above its 20-day moving average for the first time since mid-December and even challenged its 50-day moving average before calming down in between.
Friday’s solid recovery followed the jobs report showing that wages have been slowing, giving bulls hope that the Fed will be less aggressive when announcing the next rate hike. But while the Dow ended the week mostly on its key moving averages and the S&P made some headway, the tech-heavy NASDAQ continues to lag, which will make it difficult for the broader market to hold its gains unless it joins the group.
It all leads to the question… what’s next? And it’s a great question! Also, the timing couldn’t be better as we will be hosting a FREE highly educational webinar, “Market Vision 2023”, this Saturday, January 7th starting at 9 a.m. Eastern Time. This webinar will be facilitated by our Chief Market Strategist, Tom Bowley StockCharts.comby Julius de Kempenaer, Grayson Roze, and David Keller. Quite the all-star cast! To find out more about Saturday’s event and reserve a seat, Just click here.
2022 was a year that many traders would just as quickly forget. But as usual, we can’t do anything about the past. However, we can always learn from the past as we prepare for another year. I hope you can join us on Saturday!
At your service,
John Hopkins
EarningsBeats.com
