Home 2021 S&P 500 Closes at Record High 1 Yr after Pricing in the Instant Recession

S&P 500 Closes at Record High 1 Yr after Pricing in the Instant Recession

by Paul Ebeling

#SP500 #sentment #interest

$DIA $SPY $QQQ $RUTX $VXX

Friday, the preliminary University of Michigan Index of Consumer Sentiment (MSI) for March increased to 83.0 from the final reading of 76.8 for February. The March reading is the highest since August 2020.

The Key takeaway from the report is that the improvement was driven by gains across all socio-economic subgroups and on optimism about the increasing number of US states that are opening up.

Thursday marked the 1-yr anni of the UN’s WHO declaring COVID-19 a global pandemic. And that day the DJIA confirmed what I said 3 wks prior that the VirusCasedemic would disrupt the world’s economy and bring on a Bear market and instant recession in the US. It happened right on schedule.

Then less than 2 wks later on 23 March 2020, there was a Key reversal in the S&P 500 pattern which triggered the continuation of the longest Bull market in history that is still hammering. Also noted in this column if you recall.

In the face of a the questionable and unprecedented threat President Trump, the Fed with the world’s central bankers, and lawmakers stepped and acted together to support this unquestionable, unprecedented V-Shaped economic recovery and the financial markets responded and forcefully turned due North.

Note: the rise in interest rates is not a negative, but a positive sign that the nation is a strong economic growth mode.

Friday, the benchmark US stock market indexes finished at: DJIA +293.05 at 32778.64, NAS Comp -78.81 to 13319.88, S&P 500 +4.00 at 3943.34

Volume: Trade on the NYSE came in at 948-M/shares exchanged.

HeffX-LTN’s overall technical outlook for the major US stock market indexes, sans the NAS Comp which is consolidating, is Bullish with a Very Bullish bias for the wk ending 12 March 2020.

  • Russell 2000 +19.1% YTD
  • DJIA +7.1% YTD
  • S&P 500 +5.0% YTD
  • NAS Comp +3.4% YTD

Looking Ahead: Investors will receive the Empire State Manufacturing Survey for March and Net Long-Term TIC Flows for January Monday.

Have a healthy weekend, Keep the Faith!

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

Latest Articles

© 2024 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.
CLOSE