With the opening of the Asian session, the S&P 500 index is trading upwards near the resistance level of 2777.6.
The market is still under pressure from the information published in the Fed meeting minutes. Despite criticism from President Donald Trump, the regulator will continue tightening monetary policy. The interest rate will be increased several times to reduce inflationary pressure. Against this background, the yield of government bonds has significantly risen, which has increased the attractiveness of these instruments for investment compared to the stock market.
In some segments of the market, negative trends are due to the reports of large American companies. IBM shares lost more than 7% after the fall in revenue was reported. Real estate companies, such as Home Depot and Lowes, lost 4% each after data on the number of new home starts were worse than expected.
Today, the important statistics include the data on existing home sales and the oil rig count.
Support and resistance
Stochastic is at the level of 25 points and indicates possible correction.
Resistance levels: 2793.4, 2812.5.
Support levels: 2752.7, 2734.4.
Short positions may be opened from the resistance level of 2793.4 with take profit at 2752.7 and stop loss at 2812.5.
S&P500 index of the American stock exchange
|Support levels||2734.4, 2752.7, 2793.4, 2812.5|
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