Market Extra: Is the stock-market bottom in? What the pros say after S&P 500 tests 4,000

by | Jul 22, 2022 | Stock Market

Stock-market bulls are poking their heads above the parapet, declaring the lows in for the 2022 selloff as indexes extend a bounce off their June lows, while skeptics still see little evidence of more than a bear-market bounce. The S&P 500
fell 0.9% Friday to close at 3,961.63, but scored a weekly rise of 2.6%, the largest since the week ending June 24. It traded as high as 4,012.44, topping the 4,000 threshold for the first time since June 9.

As the old saw goes, such disagreements are what makes a market. Here’s a look at where the bulls and bears — and those in between — stand right now.Bullish on breadth Expanding market breadth — measures of how many stocks in an index are participating in a move — “affirms 2022 ‘bottom’ is in,” wrote Tom Lee of Fundstrat Global Advisors in a Thursday evening note. “We are starting to see strengthening internals for equity markets, including key leadership improvements from Technology ($QQQ) and small-caps ($IWM) and measures such as advance/decline lines,” Lee wrote. Other bullish factors include signs that inflation risks are abating as gasoline prices tank and food prices ease, while second-quarter earnings have so far been bet …

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