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Last week, the S&P 500 index experienced a significant downturn, continuing a correction from its record high in late March. Factors such as Middle East tensions and a strong U.S. dollar contributed to the decline. However, after dropping below the key 5,000 level, the index saw a rebound this week, retracing some of the losses.
Despite this positive movement, a recent pullback from a local high of around 5,090 suggests caution. Today, the market is expected to open 1.0% lower due to recent earnings reports and other economic data. While there may be some optimism in the air, it’s important to remember that the market is still in a correction phase.
Our analysis indicates that we are approaching a critical period, with earnings releases playing a significant role in driving stock prices. However, it’s worth noting that good earnings may lead to profit-taking actions. The market seems to be inching closer to a correction zone.
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