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Stocks Want To Go Higher Despite Ukraine News

By Sunshine Profits (Paul Rejczak)Stock MarketsMar 03, 2022 10:04AM ET

www.investing.com/analysis/stocks-want-to-go-higher-despite-ukraine-news-200619239

By Sunshine Profits (Paul Rejczak) | Mar 03, 2022 10:04AM ET

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The S&P 500 index topped the 4,400 level yesterday despite the ongoing Russia-Ukraine conflict news. Will the uptrend continue?

The broad stock market index gained 1.86% on Wednesday following its Tuesday’s decline of 1.6%, as it fluctuated following last week’s rebound from the new medium-term low of 4,114.65. It was 704 points or 14.6% below the January 4 record high of 4,818.62. So the sentiment improved recently, but there’s still a lot of uncertainty concerning the ongoing Russia-Ukraine conflict news. Yesterday the index went slightly above the 4,400 level and it was the highest since Feb. 17.

For now, it looks like an upward correction. However, it may also be a more meaningful reversal following a deep 15% correction from the early January record high. This morning the S&P 500 index is expected to open 0.6% higher following better-than-expected Unemployment Claims number release. However, we may see some more volatility.

The nearest important resistance level remains at 4,400 and the next resistance level is at 4,450-4,500. On the other hand, the support level is at 4,300-4,350, among others. The S&P 500 index broke above the downward trend line recently, as we can see on the daily chart (chart by courtesy of http://stockcharts.com):

S&P 500 Daily Chart

Futures Contract Trades Along Local Highs

Let’s take a look at the hourly chart of the S&P 500 futures contract. On Thursday it sold off after breaking below the 4,200 level. And since Friday it was trading along the 4,300 mark. This morning it is trading along the local highs.

We are maintaining our profitable long position, as we are still expecting an upward correction from the current levels (chart by courtesy of http://tradingview.com):

S&P 500 Futures 1-Hour Chart

Conclusion

We may see more short-term fluctuations on the S&P 500 and, obviously, markets will continue to react to the Russia-Ukraine conflict news.

Here’s the breakdown:

The S&P 500 index bounced from the new low on Thursday after falling almost 15% from the early January record high.
We are maintaining our profitable long position.
We are expecting an upward correction from the current levels.high risk of loss. Paul Rejczak, Sunshine Profits' employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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US 30	42,634.0	-372.2	-0.87%
US 500	5,758.6	-83.9	-1.44%
Dow Jones	42,578.77	-427.82	-0.99%
S&P 500	5,738.48	-104.15	-1.78%
Nasdaq	18,069.26	-483.48	-2.61%
S&P 500 VIX	24.87	+2.94	+13.41%
Dollar Index	104.230	-0.022	-0.02%

Crude Oil WTI	66.36	+0.05	+0.08%
Brent Oil	69.50	+0.20	+0.29%
Natural Gas	4.280	-0.170	-3.82%
Gold	2,916.59	-9.41	-0.32%
Silver	33.185	+0.051	+0.15%
Copper	4.7795	-0.0145	-0.30%
US Soybeans	1,028.25	+16.50	+1.63%

U.S. 10Y	4.287	+0.020	+0.47%
U.S. 30Y	4.587	+0.028	+0.61%
U.S. 5Y	4.065	+0.006	+0.15%
U.S. 3M	4.306	-0.008	-0.19%
US 10Y T-Note	110.75	-0.09	-0.08%
Euro Bund	127.80	-0.05	-0.04%
10-2 Yield Spread	27.17	+1.56	+6.09%

Apple	235.33	-0.41	-0.17%
NVIDIA	110.57	-6.73	-5.74%
Alphabet A	172.35	-0.67	-0.39%
Tesla	263.45	-15.65	-5.61%
Amazon.com	200.70	-7.66	-3.68%
Netflix	906.36	-84.56	-8.53%
Meta Platforms	627.93	-28.54	-4.35%

	Interest Rates	Next Meeting
FED	4.50%	Mar 19, 2025
ECB	2.65%	Mar 06, 2025
BOE	4.50%	Mar 20, 2025
SNB	0.50%	Mar 20, 2025
RBA	4.10%	Apr 01, 2025
BOC	3.00%	Mar 12, 2025
RBNZ	3.75%	Apr 09, 2025
BOJ	0.50%	Mar 19, 2025
CBR	21.00%	Mar 21, 2025
RBI	6.25%	Mar 10, 2025
PBOC	3.10%
BCB	13.25%	Mar 19, 2025

Stocks Want To Go Higher Despite Ukraine News

Futures Contract Trades Along Local Highs

Conclusion

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