The S&P 500 index has slightly corrected since the opening of the new trading week and is being traded near the resistance level of 2675.8. In the near future, the movement in the markets will be largely determined by the G20 summit, which will be held in Argentina from November 30 to December 1.
One of the main events of the summit will be a meeting between US President Donald Trump and Chinese President Xi Jinping. Many investors hope that the leaders of the countries will be able to find a common solution and settle disputes; otherwise from January 1 new trade duties will come into effect. Raising tariffs may interfere with the supply of components for US companies. Another negative factor is the inflationary pressure on the average consumer, who will have to pay extra charges for goods.
Important publications this week include preliminary data on GDP for Q3 2018, as well as the Consumer Price Index and the outcome of the FOMC meeting.
Support and resistance
Stochastic is at 78 points and does not provide a signal for the opening of positions.
Resistance levels: 2675.8, 2682.8.
Support levels: 2636.7, 2578.1.
Open short positions after the breakdown of the support level of 2636.7 with take profit 2578.1 and stop loss at 2647.0.
S&P500 index of the American stock exchange
|Support levels||2578.1, 2636.7, 2675.8, 2682.8|
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