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Prominent market commentator Jim Cramer has analyzed a chart by Carolyn Boroden to highlight that the S&P 500 is at a critical moment from where it could move higher or cut its upward trajectory short, according to CNBC.
“The charts, as interpreted by Carolyn Boroden, suggest the S&P 500 could be due for some near-term turbulence if it can’t break out above last week’s highs,” Cramer said, according to the report.
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Cramer used a daily chart of the index to explain Boroden’s analysis. He noted that the S&P 500 is approaching an important hurdle that could curtail its ability to rise further.
The market commentator explained that the S&P 500′s recent rise from its mid-October lows is similar in scale to its rally from late 2021 through early January 2022. “She’s not saying that the rally’s toast. But Boroden says the S&P needs to clear this hurdle — it needs to break out above last week’s high,” Cramer said, adding, “In short, she sees this as a make-or-break moment for the S&P 500, at least in the near-term.”
Price Action: The SPDR S&P 500 ETF Trust SPY has gained over 10% since the beginning of October while the Vanguard Total Bond Market Index Fund ETF BND gained 1.2%. Market participants are now watching out for Federal Reserve Chair Jerome Powell’s scheduled speech on Wednesday at an event hosted by the Brookings Institution in Washington. Investors and traders are also eyeing personal consumption expenditures and payroll data.
Cramer had said on Monday that a strong labor report could lead the Federal Reserve to start talking about enormous rate hikes.
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Image and article originally from www.benzinga.com. Read the original article here.