S&P500 – Weekly Charts and potential outlooks for 2024 on Feb 3

Here the analysis on a weekly chart basis on Feb 3. Chart includes data up to feb 8, 2024

Following up on our S&P500 monthly chart from the last blog article, let’s zoom onto the weekly chart to envision how the Index could develop along a mildly bullish scenario, given the already sharp rise during January. Along the January barometer, a positive January indicates a high chance to close in the green in December. In between, yearly seasonality and longer cycles are at work. So far, the price in January has acted along a classic bull signal: from 4769 on December 29, 2023, to the previous all-time high of 4818 in the 4th week of January, the Index reached 4975 on February 2. Even the one-day pullback from 4931 to 4845 on the U.S. Fed’s press conference is seen as a technical pullback toward the old resistance of 4818. Currently, the[…]