S&P 500 weekly downtrend confirmation
Index Analysis: S&P 500
S&P500 (Weekly): Good overall this week for the S&P as well, continuing the rally from the recent low around 3500 points (3491), giving participants a maximum return of 16%. It seems that the markets wanted to hear a slowdown in interest rate hikes from the central banks, which Powell also confirmed in his recent statements.
Stock markets are used to operating as discounting mechanisms and we believe that this is happening now as well. After the two-month price rally, the SP technically wants our attention as it once again (masterfully as it turns out) confirms its downtrend.
We would suggest reducing winning positions and waiting to watch the continuation of the movement.
Resistances: 4100 - 4230 - 4320
Supports: 3930 - 3705 - 3490
Underweight recommendation.
Trend is your friend.
Disclaimer
* The publication of "Trendline Finance" estimates, does not constitute a recommendation or solicitation to buy or sell shares or other investment products.
S&P500 (Weekly): Good overall this week for the S&P as well, continuing the rally from the recent low around 3500 points (3491), giving participants a maximum return of 16%. It seems that the markets wanted to hear a slowdown in interest rate hikes from the central banks, which Powell also confirmed in his recent statements.
Stock markets are used to operating as discounting mechanisms and we believe that this is happening now as well. After the two-month price rally, the SP technically wants our attention as it once again (masterfully as it turns out) confirms its downtrend.
We would suggest reducing winning positions and waiting to watch the continuation of the movement.
Resistances: 4100 - 4230 - 4320
Supports: 3930 - 3705 - 3490
Underweight recommendation.
Trend is your friend.
Disclaimer
* The publication of "Trendline Finance" estimates, does not constitute a recommendation or solicitation to buy or sell shares or other investment products.
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