Make Or Break Time

Good morning, everyone! Welcome to Wednesday morning's Market Outlook. It appears to be a relatively quiet start to the day, though we're noticing a bit of weakness creeping into the NASDAQ. Commodities are showing a mixed picture, with gold trading slightly higher while crude oil continues its downward trajectory. Yesterday, the market hit a significant milestone, halting abruptly at the S&P 500's 5200 mark. This establishes 5000 as support and 5200 as resistance levels moving forward. A breakthrough above 5200 could signal a return to previous highs. While the stock market has been on an upward trend this week, another notable trend is the continued rise of the Risk Off trade. In the past month, Utilities and Consumer Staples have been the top-performing US sectors, contrasting with the struggles seen in the Transports sector. This is something worth keeping in mind as we navigate the market. Enjoy today's video! Stephen Whiteside TheUpTrend.com Wednesday, May 8, 2024 https://theuptrend.com/morning-market-outlook-05082024/