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Markets Break Following Fed Speech | 3:00 on Markets & Money

(12/5/22) Markets broke above the 200-DMA following last week's speech by Fed Chairman Jerome Powell, which included somewhat dovish language. But markets moderated somewhat on Thursday, touching the 200-DMA and then sold-off. Encouraged by a stronger-than-expected Payrolls Report, markets broke back through the 200-DMA, but rallied again and essentially closed un-changed. All of these gyrations provided a successful test of the 200-DMA. If resistance that this level is to be turned into support, we need a retest and breakout to the upside. Futures are weaker this morning, interest rates are climbing, and the dollar is continuing to decline. And if the pattern follows, a weaker Dollar signals a stronger market, which the Fed does not want. Bullish technicals continue, and our target remains 4,100 on the S&P. Now is the time to readjust portfolios, do tax-loss harvesting, if necessary, and use any rally to rebalance risk.

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Lance Roberts
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