Yesterday the S&P 500 index broke through the level of 2734.0 (8/8 Murray) but couldn’t stay there and is now trading at the level of 2722.6. The issue of the policy of protectionism between China and the United States has not yet been resolved and adversely affects the market. The yield chart for 10-year bonds continues to grow, at the moment it is more than 3%, which positively affects the US dollar and puts pressure on the stock market. As for the positive news that support the index, it is worth noting the increase in the exchange value of companies that are engaged in the energy sector. Reduction of oil production in Venezuela, sanctions against Iran and restriction of exports cause additional demand and push oil quotes higher, providing additional profit to oil companies.
Today, a downward correction will continue. Next week, special attention should be paid to the Fed’s and ECB Meeting Minutes as well as orders for durable goods in the US.
Support and resistance
The Stochastic indicator is at the level of 77 and does not give signals to open positions.
Resistance levels: 2734.4, 2747.0.
Support levels: 2741.8, 2682.8.
You can open short positions at the current market price with stop loss at 2734.4 and take profit at 2682.8.
S&P500 index of the American stock exchange
|Support levels||2682.8, 2741.8, 2734.4, 2747.0|
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