The stock market may have just bottomed, according to market veteran Ed Yardeni.
Yardeni highlighted that the S&P 500 found support at its rising trend line that dates back to the March 2020 low.
AdvertisementAdvertisementOur chart of the day is from market veteran Ed Yardeni, which plots the S&P 500 since 2018 and highlights a key rising trend line that could be acting as support for the stock market.
Yardeni pointed to this chart in a Wednesday note to clients and argued that the stock market may have just bottomed.
If the stock market did bottom this week, as Yardeni suggests, it would play into the bullish seasonals that typically drive the stock market higher into the end of the year.
Persons:
Ed Yardeni, Yardeni, —
Organizations:
Service, Fed, LPL Research