S&P 500: Santa Claus Rally
ที่อัปเดต:
Hello everybody!
PrimeXBT is here again with another technical analysis breakdown, and today we are taking a look at Standard and Poor's 500 Index.
News and Fundamental Analysis:
While the Asian markets are currently subdued, Wall Street is caught within a firm and unwavering uptrend.
The S&P 500 hit a sixth consecutive high on Thursday — its longest streak since January 2018 — and it closed at a record high along with the Nasdaq and the Dow Jones.
On the other hand, investors still do not understand what is included in the “Phase 1” of the trade agreement between China and the United States.
Overall, this is a worrying sign that the US economy may be slowing down again at a time when the Fed has stopped its monetary policy softening.
It should be noted that such signals act as a leading indicator of business cycles, and therefore market players usually pay close attention to them, but not now.
Technical Analysis:
Currently, SPX is hitting strong resistance that’s coming from 1.618% Fibonacci — which is a resistance level.
The price action combined with the Relative Strength Index is staying strong, but BTC has formed a bearish divergence, which often indicates that a trend reversal is forming from bullish to bearish, and a downtrend or valuation adjustment could soon follow.
Such price action was seen in May of 2015.
Once the price reaches the resistance level, a rejection could cause a fall to 1.272% Fibonacci which is our support level.
Be careful though, don't forget about capital & risk management.
Keep an eye out for more PrimeXBT trading signals for SPX and other assets.
PrimeXBT is here again with another technical analysis breakdown, and today we are taking a look at Standard and Poor's 500 Index.
News and Fundamental Analysis:
While the Asian markets are currently subdued, Wall Street is caught within a firm and unwavering uptrend.
The S&P 500 hit a sixth consecutive high on Thursday — its longest streak since January 2018 — and it closed at a record high along with the Nasdaq and the Dow Jones.
On the other hand, investors still do not understand what is included in the “Phase 1” of the trade agreement between China and the United States.
Overall, this is a worrying sign that the US economy may be slowing down again at a time when the Fed has stopped its monetary policy softening.
It should be noted that such signals act as a leading indicator of business cycles, and therefore market players usually pay close attention to them, but not now.
Technical Analysis:
Currently, SPX is hitting strong resistance that’s coming from 1.618% Fibonacci — which is a resistance level.
The price action combined with the Relative Strength Index is staying strong, but BTC has formed a bearish divergence, which often indicates that a trend reversal is forming from bullish to bearish, and a downtrend or valuation adjustment could soon follow.
Such price action was seen in May of 2015.
Once the price reaches the resistance level, a rejection could cause a fall to 1.272% Fibonacci which is our support level.
- Support level: 3100
- Resistance level: 3300
- Day's range: 3192.3 — 3205.5
Be careful though, don't forget about capital & risk management.
Keep an eye out for more PrimeXBT trading signals for SPX and other assets.
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We have a similar situation with Apple
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