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S&P500, Time frame: daily, Tools: SMA 100S&P 500 Technical Analysis:
The index advanced 0.75% in yesterday’s session, closing near 7,774. From a technical perspective, this marks a breakout above the resistance zone of a continuation head-and-shoulders pattern. Continued trading above this zone would point to further gains towards a minimum target near 8,030, based on the pattern’s measured price target.
Meanwhile, the right shoulder low near 7,610 will serve as the stop-loss zone. Prices remain above all moving averages, including the 100-day SMA, supporting the continuation of the uptrend.
S&P 500 Fundamental Analysis:
The index is trading at record levels, supported by continued strength in the technology sector, gains in tech stocks and declining oil prices. Investors nevertheless remain focused on the Federal Reserve’s meeting minutes for insight into the outlook for interest rates and inflation. Bond yields also remain in focus as they continue to move higher, reaching their highest levels in more than 20 years.
In conclusion, markets remain optimistic about AI stocks but cautious about Middle East talks and continued increases in bond yields.
Disclaimer: The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.
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