© Reuters.
Investing.com – The main indices of US stocks ended higher yesterday, as the industrial sector rose 1.58% by 0.98%, while the index, which includes the 500 largest US companies, jumped by 1.30%.
Despite the strong performance of the indices yesterday, Katie Stockton, founder and managing partner of Fairlead Strategies, expects limited upside in the S&P 500 in the short term.
“We expect the recovery to fade this week,” the technical analyst wrote in a note to clients.
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It looks like the S&P 500 is ready to test the 4000 level. “The fundamental price action has been stronger than it appeared on the surface,” said Adam Crisavoli of Vital Knowledge.
“There is a sense of calm on tape thanks to the collective actions taken by regulators and central banks over the past week and a half,” Crisavoli said.
However, Stockton urged investors to manage risks at current levels.
“Weekly stochastics are still bearish with room to reach oversold levels, so we will manage risk keeping an eye out for next major support ~3505.”
Stockton also expects the indices to lose the support provided by blue chips as they reach overbought levels in the near term.
The S&P 500 is up about 3% year-to-date.
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