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Markets (^GSPC, ^IXIC, ^DJI) are trying to stabilize after a recent stretch of volatility, with the S&P 500 carving out a potential trading range between recent lows and post-tariff reprieve highs.
NYSE senior market strategist Michael Reinking joins Morning Brief to break down what this could signal for a possible retest of the 200-day moving average.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
I was looking at an interesting stat from, uh, a friend of the show, Ryan Dietrich, um, who we we all continue to kind of discuss some of these interesting stats with, and a couple days ago, he was talking about 89% of advancers, 89% of volume advancing on the NYSE happened twice over the past nine trading days. This was as of April 22nd, but the first big day is a clue. The second day is the signal. Rare stuff and it always marks lows. Do you think the lows are in in this market right now?
Yeah, I mean, it's really hard to to kind of get definitively say that. I think there's the possibility, you know, kind of that we would retest, you know, kind of the the lows that we had seen, but that that would, you know, kind of come with a very sharp turn from the administration in terms of the tone that they're setting right now. I think in the very short term, I think the market's trying to, you know, kind of trying to do some repair, right? And and and kind of reset, and we're we're starting to carve out a little bit of a range, right? So I think we've actually potentially touched both the bottom of that range and the top of that range in the last couple of days, right? So on Monday, we traded to 5100 in the S&P 500. That was the post-tariff, you know, 90-day tariff reprieve low in the day following that. Uh, we tested that in kind of a low volume sell off in the S&P 500 and then bounced, right? And then yesterday, we traded right up to the highest post the 90-day reprieve, you know, between 5450 and 5500, right? So I think we're kind of setting a bit of a range right here, right? So you can kind of watch, you know, kind of watch those levels, you know, kind of for some short-term signals. If we were to break to the upside because we're actually holding up pretty well this morning, right? You know, despite some of the commentary overnight, you know, if you break to that upside, I think you kind of potentially set up for a retest of maybe that 200-day moving average, 5750 that also, you know, kind of ties out to some of the measurements there.
