- The stocks and crypto market witnessed a notable surge during the day.
- The December Consumer Price Index (CPI) report will be released on Thursday.
Since the beginning of the new year, the global financial market has witnessed a notable bullish momentum. Despite the current uptrend conditions, Jim Cramer, the host of CNBC’s Mad Money and an author, issues a new alert regarding the market upswing. Using charts created by Larry Williams, a well-known market influencer, Jim Cramer predicts that markets will continue to show a green signal for the next couple of months.
Cramer stated:
The charts, as interpreted by Larry Williams, suggest that the market could have a very nice run over the next couple of months… Williams thinks we’re in the early, choppy phases of a bull market. To him, most of the bad news already got baked in last year, which sets us up for a better time in 2023.
He also glanced at the daily S&P 500 chart for the period of late 2021 to early 2022 to explain Williams’ analysis.
Will the Market Remain Bullish?
Using Williams’ statistics, Cramer claimed that every significant rally from the end of 2021 to the beginning of 2022 lasted 24 days. The 24-day rally took place in July and August, as well as from mid-October to mid-November. He added that the pattern persisted throughout the second half of 2022. Moreover, according to Cramer, a new rally started this week. It should last at least through February 3, if the pattern holds.
On Wednesday, the U.S. stock market witnessed a major surge. The stock’s jump has reflected investors’ confidence in the interest rate hike of the Federal Reserve, which is successfully controlling inflation. At the same time, the S&P 500 and Nasdaq Composite also achieved a significant rally during the day. Additionally, the cryptocurrency market also showed a strong bullish signal. Bitcoin (BTC), the dominant crypto on the market, hit $18,000 in the last 24 hours.
Further, the Consumer Price Index (CPI) report for December will be released on Thursday. It reflects how prices for goods and services changed in a particular month.
