Stocks Edge Up After Pricing in the Fed
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Stocks have edged up after the markets are gradually digesting a more hawkish Fed. We have seen good support from 4580, and a strong pivot from that level, and have blasted up to regain the 4700 handle. Currently, we are testing 4729, the first level in the 4700 handle from below. A red triangle on the KRI is confirming some resistance there. We will need to wait until the open to determine if we have enough steam in the tank to press higher. If so, the next level is 4763, which is the lower bound of the range the S&P 500 near highs. This was the range from which we broke down after ranging for several days. The final target remains 4821, the upper bound of the range, which must be broken before we can consider making new highs again. There are several levels below to provide support including 4693, 4668, 4649, and 4632. These should provide support but if they do not hold, then 4580 should serve as a floor for now.
Note
Stocks broke briefly above 4729, where a few red triangles on the KRI indicated resistance. Currently, we are hovering just below that level and appear to have topped out for today
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