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The S&P 500 (SPY) furthered its tentative recovery last week, and sentiment is improving. Yet, the same questions remain: is the bottom in? Can new highs be made? Are we in the early stages of a crash?
This
S&P 500: Prepare For More Hits. Week Starting 24th March (Technical Analysis)
Summary
- The S&P 500's recent rally appears to be a bear market bounce, with significant resistance at 5750-75 likely capping any short-term gains.
- March typically ends weak and further declines are expected, similar to the 2022 correction pattern.
- Upcoming "Liberation Day" on April 2nd and tariff impacts could cause erratic market behavior; de-risking is advised in the short term.
Andrew McElroy is Chief Analyst at Matrixtrade, author of the ebook 'Fractal Market Mastery' and producer of the 'Daily Edge.' The 'Daily Edge' is emailed before each US session and outlines actionable ideas, directional bias, and important levels in the S&P500. It also looks at 'What's Hot,' on any particular day, whether it is commodities, stocks, crypto, or forex. Andrew has developed a top-down proprietary system that starts with his weekend Seeking Alpha article focusing on the higher timeframes. Fractals, Elliott Wave, and Demark exhaustion signals are all incorporated, as are macro drivers and analysis of the market narrative. It is much more than just a few lines on a chart - it is a system developed over 15 years and proven to deliver a consistent edge. An independent trader since 2009, Andrew manages a family portfolio of stocks and ETFs with his wife and fellow Seeking Alpha contributor Macrogirl.
Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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