US Stock Market Outlook after Early February 2023 Top

Uncertainty   #sp500 #nasdaq #ndx  

As of late March 2023, this uncertainty has resolved based on the following facts

• After hitting 3764.49 bottom around the end of December 2022, #SP500 rallied and hit 4195.44 peak on Feb 2nd, 2023.
• #SP500 then dropped to 3808.86 bottom on March 13th, major driver of this drop was Regional Bank crisis marked by collapse of Silicon Valley Bank.
• #SP500 and US stocks have been rallying since March 13th bottom mostly driven by technology stocks. One interesting fact is that March 13th is the date when both #NDX (Nasdaq 100) and #NASDAQ indexes falls to the point of golden cross of bullish 50 day moving average crossing above 200 day moving average line.