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Why Bears Are Losing the Argument

By Jani ZiedinsStock MarketsDec 08, 2023 02:10AM ET
www.investing.com/analysis/why-bears-are-losing-the-argument-200644229
Why Bears Are Losing the Argument
By Jani Ziedins   |  Dec 08, 2023 02:10AM ET
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The S&P 500 added 0.8% Thursday after Wednesday’s bearish intraday reversal turned into a lot of nothing.

S&P 500 Index-Daily Chart
S&P 500 Index-Daily Chart

One day’s down becomes the next day’s up, and so far, the market doesn’t seem interested in doing anything meaningful. November gave us a huge rebound; now it is time to rest.

That said, holding all of the recent gains confirms these levels are real and the index is not teetering on the edge of a collapse.

If stocks were fragile and overbought, one of these waves of selling would have kept going. Instead, most owners shrugged and kept holding.

Stocks don’t have the strength to keep charging higher, but the longer we hold these levels, the more real they become.

Something that refuses to go down will eventually go up. At this point, bears are losing the argument, and it will likely get worse for them if they continue fighting this market.

If the November rebound was going to fail, it would have happened by now.

Bigger trading opportunities are coming our way, but it will take time. Stay patient and resist the temptation to overreact to this intraday chop.

Why Bears Are Losing the Argument
 

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Why Bears Are Losing the Argument

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Comments (2)
Kingdom Friend
Kingdom Friend Dec 08, 2023 6:45AM ET
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Thank you. Good logic.
Arnaldo Gonzaga
Arnaldo Gonzaga Dec 08, 2023 2:44AM ET
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Bears stay aground but reindeer stay afloat with a sleigh
 
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