S&P 500: No Rest, Rotations Will Carry It Higher (Technical Analysis)
The S&P 500 continues to show bullish momentum despite a slowing rally, supported by sector rotations and shallow pullbacks. Key technical targets are near 7,425, with critical support levels at 7,146 and 7,107. Although the Fed remains hawkish with no rate cuts expected in 2024, strong Q1 earnings have helped sustain market gains.
- ▪The S&P 500 is in a technically bullish phase with ongoing sector rotation.
- ▪The primary upside target for the SPX is 7,425, with support levels at 7,146 and 7,107.
- ▪The Federal Reserve maintains a hawkish stance, signaling no rate cuts in 2024.
- ▪Q1 earnings have been strong, providing fundamental support to the market rally.
- ▪Sector rotation is helping sustain momentum despite a lack of broad-based acceleration.
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