S&P is in UP Trend

5 May 2023

SPX
FED rate hikes near an end and the market smells the green bullish trend. Despite the banking crisis which has had a bad effect on markets, today's stock market rebounded with better-than-expected job news and Apple profit report.
However, analysts at Goldman Sachs believe the S&P index cannot break the upper resistance at 4200 and may consolidate for a while. It is no surprise that banking worries are still everywhere and if something else happens to one of these financial firms, it can ruin all the hard way S&P and other indices have come up to the point.
At this time BTC and other cryptos are not following the stock market and consolidating after a good move, maybe traders are closing their longs to collect their profit.