S&P 500 is recovering and trading at 2765.7. The next important resistance level is at 2789.9. In case of its breakout, the next target will be the level of 2812.5 (Murrey [4/8]).
According to experts, the pressure on the market is exerted by the deterioration of relations between the US and China due to the policy of protectionism. Recently, Donald Trump has expressed his willingness to raise duties on Chinese goods once again. Economists fear that the contradictions between countries will have a negative impact on the economy as a whole, and expect world GDP to decline to 3.7%. The profitability of the debt market, in turn, decreased slightly to 3.16%, but this should be temporary, and growth may resume, which will have a negative impact on the stock market. The US President has already criticized the actions of the Fed for a too rapid increase in interest rates.
Today, releases of companies that are traded in the banking sector, such as JP Morgan and Citigroup, will be published.
Support and resistance
Stochastic is at 51 points and does not provide a signal for the opening of positions.
Resistance levels: 2789.9, 2812.5.
Support levels: 2741.8, 2730.1.
Short positions can be opened from the resistance level of 2789.9. Take profit — 2741.8. Stop loss — 2812.5.
S&P500 index of the American stock exchange
|Support levels||2730.1, 2741.8, 2789.9, 2812.5|
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