The stock market has been suffering violent price swings amid the Federal Reserve’s tightening monetary policy, supply chain disruption, high oil prices, and concerns over the possibility of an economic slowdown. However, according to the Commerce Department, the consumer price index (CPI) rose 4.9% in April from a year ago, signaling that price pressures could be easing slightly.
Also, quality retail earnings dominated investor sentiment and stocks posted substantial gains last week, ending seven-week losing streaks for the S&P 500 and Nasdaq Composite and an eight-week slide for the Dow Jones Industrial Average. While explaining the veteran chartist Larry Williams’ analysis, Jim Carmer said, “Larry Williams perfectly called the bottom the week before last. Now his analysis suggests we have got a lot more room to run.”
