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US Stock Market: Next Big Trending Phase Likely To Begin Here

In our previous November 29th Stock Market Update & Asbury Investment Management Video, we pointed out that the benchmark S&P 500 (SPX) was testing major overhead resistance at its 200-day moving average, currently located at 4037, and said “how the index responds to this major resistance should indicate whether or not the 2022 major downtrend is still valid”.

In that report we also said: 1) our Asbury 6 risk management model turned back to Positive (bullish) on Oct 18th (the S&P 500 has risen by more than 10% since then) and that 2) a shift back to Negative in the “A6” would indicate the 2022 major downtrend was still intact and was resuming.

Here is a chart from yesterday’s Dec 10th Weekly Wrap-Up, one of our premium reports available to Asbury Research subscribers via our Research Center.  It plots the S&P 500 daily since July along with its 50- and 200-day moving averages, widely-watched minor and major trend proxies.

The S&P 500 daily since July

The red highlights show that SPX is currently testing and failing from major overhead resistance at 4046 to 4115, which represents the 200-day moving average  as well as the 2022 major downtrend line and the Feb 24th benchmark low. 

This is a major inflection point for the US broad market index from which its 2022 major downtrend should resume if still valid.  The chart also shows that Primary Tactical support is situated just below the market at 3912 to 3840.  A meaningful and sustained breakdown below this support would potentially clear the way for a deeper decline.

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Asbury Investment Management (AIM): Our Latest Video
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Here is our December 8th Video Review, which explains how we have recently utilized our data-driven models to professionally manage client portfolios.  Our focus is on making sure your nest egg is secure and protected so you can focus on the more important things in life.

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Disclaimer: This is provided for information purposes only and is not intended to be a solicitation to buy or sell securities. The performance indicated from back-testing or historical track record may not be typical of future performance. No inferences may be made and no guarantees of profitability are being stated by Asbury Research LLC. The risk of loss trading in financial assets can be substantial. Therefore, you should carefully consider whether such trading is suitable for you in light of your financial condition.

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