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Expect Shallow, Short Pullbacks; JB Hunt Stock Looks Attractive

May 22, 2020
Expect Shallow, Short Pullbacks; JB Hunt Stock Looks Attractive

Any investor with a passing interest in technical analysis is likely focused on how the Standard & Poor’s 500 index (SPX) will react to its declining 200-day moving average (Dma) just below 3000. A pullback or pause near current levels would not be surprising, but my technical outlook remains unchanged, and I would continue to caution investors from turning too bearish.

Of course, I can appreciate the reasons many investors are bearish technically and fundamentally, but I also continue to see technical evidence pointing to a broader recovery. The SPX remains well above its 200-week moving average and the 50-day moving average just turned up over the past week, after turning negative in late February. Overall I continue to expect pullbacks to be shallow and short lived.

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