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S&P 500 Bulls to Make Another Attempt to Break the Trend

Burc Oran by Burc Oran
January 17, 2023
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S&P 500 Bulls to Make Another Attempt to Break the Trend
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S&P500 Daily Chart

S&P 500, after holding the %50 level of the late 2022 run, is making another attempt to break the downtrend. So far the trend holds the advances 5 times already. But now the attempts getting more frequent, and momentum is on the bulls’ side. Even crypto markets that are highly correlated to S&P 500 trying to make a comeback.

Despite the short-term momentum, the trend is a major one, and until broken, the resistance will be a strong one. The trend has become a major topic around the financial markets and because of that traders should be careful of a possible bull trap too.

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