“Earnings are too good to ignore and if the right developments for the economy unfold, they are likely to grow substantially from current marks. With that in mind, our target for the S&P 500 is 4,250 by year’s end“–Paul Ebeling
Note on inflation: the Fed’s Beige Book for economic activity in February highlighted that “several districts reported anticipating modest price increases over the next several months.” Chicago Fed President Evans (FOMC voter) said he does not see inflation as a risk now. These observations may have tempered any inflation worries.
And, the S&P 500 closed just above its 50-Day MA (3818) on another test, the trend is still North.
Wednesday, the benchmark US stock market indexes finished at: DJIA -121.43 to 31270.09, NAS Comp -361.04 to 12997.77, S&P 500 -50.57 to 3819.72
Volume: Trade on the NYSE came in at 1.2-B/shares exchanged.
HeffX-LTN’s overall technical outlook of the major US stock market indexes is still Bullish with a Very Bullish bias in here.
- Russell 2000 +11.8% YTD
- DJIA +2.2% YTD
- S&P 500 +1.7% YTD
- NAS Comp +0.9% YTD
Looking Ahead: Investors will receive the weekly Initial and Continuing Claims report, the revised Q-4 readings for Productivity and Unit Labor Costs, and Factory Orders for January Thursday.
Have a healthy day, Keep the Faith!