Cryptocurrency While focusing on the CPI data to be announced in the USA, it is also struggling with increasing speculation. While the data has not yet been released and it remains unclear how cryptocurrencies will react, different interpretations continue to come. According to the news shared in the press, the claims that the Federal Reserve successfully controlled inflation with interest rate hikes triggered the rise in stocks.
By looking at this growth, Jim Cramer, host of CNBC’s Mad Money, hopes to witness a “continuous rally.” Using charts formulated by leading trader Larry Williams, Cramer commented:
“The charts commented by Larry Williams… show that the market could see a very nice uptrend in the next few months.”
Cramer detailed his views by examining the S&P 500’s daily chart from late 2021 to early 2022. According to Williams, Cramer claims that every significant rise in this time frame took 24 days.
According to Jim Cramer, there were 24-day rallies in the second half of 2022 from July, August and mid-October to mid-November. He went on to say that the rally “should” continue until February 3, 2023. However, for this to be valid, the pattern must hold and if it does, the current rally can continue after the specified date.
“Williams thinks we are in the early and volatile phases of a bull market. According to him, most of the bad news was already baked into last year, which sets us up for a better time in 2023.”
Despite renewed confidence in Wall Street, Cramer said he believed December’s CPI data could be bad news. As a matter of fact, the data fell short of expectations. Cramer thought the above-expected data would be bad for the economy and for companies that will release their quarterly reports in the next few weeks.