G20: what did the leaders decide?
The G20 summit took place in Bali, Indonesia, on November 2022…
S&P 500 keeps rallying
Information is not investment advice
The risk-on market sentiment pushed the stock index upward. What are the forecasts?
Fundamentals
Three main reasons have increased the risk appetite today. Firstly, EU members have agreed on the 750-billion-euros recovery fund in the form of the joint debt. It will allow all the EU countries to recover faster from the downturn caused by the coronavirus. Secondly, the Oxford University in collaboration with AstraZeneca held successful human trials on the Covid-19 vaccine. Tests proved that the injection is safe and efficient. Riskier assets surged after the such promising news. Let’s look at the chart now.
Technical tips
The S&P 500 has reached levels unseen since February 24, 2020. It’s moving upward towards the next resistance at the high of January 17, 2020 at 3 325. If it breaks it through, it may surge higher to the all-time high at 3 390. This level remains the medium-term bullish target for most analysts. They believe that while the price is trading above the 3 000 level, bulls may be confident in the further index rally. Anyway, support levels are at the low of July 16 at 3 190 and at the low of July 7 at 3 135.
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