On May 15, Wednesday's market trend did not bring much cheer to Wall Street, but a relatively calm trading session might signal a positive shift towards a more normalized market environment. The S&P 500 index fluctuated slightly throughout the day, ultimately closing with a marginal increase of 0.1%. Andrew Graham, managing partner and founder of Jackson Square Capital, noted that the market remained stable on a day with relatively light economic data, ahead of the April Producer Price Index (PPI) and retail sales data to be released on Thursday.
Jason Hunt, Morgan Stanley's technology strategy director, stated in a client report on Tuesday night that the U.S. market seems to have emerged from a "black hole" and may be entering a slow upward trajectory. He wrote: "If history is any guide, the S&P 500's 'bull gap' covered the key resistance levels of 5750-5785, signaling that the market has returned to a low-volatility rebound mode." He was referring to the index's significant opening on Monday.
Hunt pointed out that the stock market currently appears to have a clear upward path, potentially rising by about 4%. He stated: "Before we see clear signals of trend slowdown, technical formations resembling short-term peaks, or headline news that might reverse the emerging bullish sentiment, we have identified the 6125-6170 point range as a potential upside target area." (Jinshi)
