Foreigners Keep Raising Exposure To US Stocks – Their Action Worth Paying Attention To

Turn they will, it is just a matter of time. Right here and now, amidst subtle signs of fatigue here and there, bulls are clinging on to the prevailing upward momentum. Intraday, from October 30 when the S&P 500 bottomed at 3233.94 (arrow in Chart 2) through a new record high of 3712.39 last Wednesday, it rallied just under 15 percent.

In this regard, 3580s and 3640s are proving to be important, with the former the prior high from September 2 and the latter another high from November 9 when Pfizer announced its positive vaccine news. After sustaining a little bit of a sell-off for four sessions since the fresh high five sessions ago, bulls defended 3640s for three sessions in a row before the index rallied 1.3 percent on Tuesday, within a striking distance of last Wednesday’s high.

As things stand, 3640s is the one to watch and 3580s after that.

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