Stock Market Outlook: Analyst Says S&P 500 Is Facing Resistance at 4000

Prediction   #indicator  

But longer-term, there might be reason for optimism towards stocks in 2023 after the first five trading days of January proved to be positive, according to the note.

#indicator: "January's seasonality is often referenced as providing cues for the entire year. One well-known phenomenon is that gains in the first five days tend to give way to an up-year 83% of the time (over the past 47 years) in the Stock Trader's Almanac. The S&P 500 did post a gain through Monday, which provides hope this year will capture a bullish reversal," Stockton said.