The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
Will S&P 500 stop falling?
Information is not investment advice
S&P dropped to the one-month low amid the overall risk-off market sentiment. Indeed, everything is mixed up: rising new virus cases, the delay in the US stimulus package, no signs of soft Brexit, and the election uncertainty.
Hopes for the better-than-expected earnings reports of the four tech giants, Apple, Amazon, Facebook, and Google drove the stock index higher yesterday, but a 16% decline in iPhone sales pushed it deep down.
The risk-averse sentiment is likely to prevail during Friday, but perhaps US economic figures will change it. Follow US Personal Spending at 14:30 MT time, Chicago PMI at 15:00 MT time, and Revised Consumer Sentiment at 16:00 MT time!
The S&P 500 has moved below the lower trendline of the Bollinger Bands indicator on the daily chart, that’s why we can assume it should reverse now from the 78.6% Fibonacci retracement level of 3 270. The move above the 100-day moving average of 3 307 will drive the stock index to the 61.8% Fibonacci retracement level of 3 330. On the flip side, if it manages to break the support of 3 270, it may drop to the low of September 23 at 3 230.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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The US dollar index has all chances of reaching the 2000s high of 120.00.
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