Is S&P 500 Nearing Turning Point With Spring Equinox?
Chris Kimble | Mar 20, 2024 03:06PM ET
It is always worth keeping a close eye on the stock market price action around this time of year.
18 months ago, it was the first day of fall that seemed to be a great time to buy stocks…and again this last fall. Heck, even spring of 2023 was good. But the broader point is that many turning points (up or down) seem to be magnetized to these seasons.
We can see this in today’s weekly SPDR® S&P 500 (NYSE:SPY) chart. But more notable is what has been happening since the stock market bottomed last fall. In basic terms, SPY has gone straight up in a powerful bull market rally. But the seasonal Spring equinox is upon us.
In the past 3 weeks, the S&P 500 has consolidated as it awaits the outcome of the March 20 Federal Reserve meeting…and into the first day of spring.
It’s that time of year. Will we get a breakout or a turn lower? Stay tuned.
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