A pullback is coming. The bigger question in when
Globe editors have posted this research report with permission of Capitalight Research. This should not be construed as an endorsement of the report’s recommendations. For more on The Globe’s disclaimers please readAs we approach the end of the first quarter of 2024, the U.S markets continue the upleg that began in October 2023. The TSX behaved similarly, except for a short pause in the beginning of the year but then resumed the uptrend in late-February. While the SPX gained 9.
Technically, the 40wMA tends to act like a magnet in the long-term, meaning that the price tends to revert toward the average. However, overbought conditions can persist for extended periods of time. Be that as it may, the further the indices rise above the average, the more likely they are to experience either a correction in “price” or “time” . The SPX is currently about 4% above its 10wMA and 12% above its 40wMA; meanwhile the TSX is 3% above its 10wMA and 7% above its 40wMA.
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