Possible Continued Bullishness on Wall Street
Investors have been focused on July inflation data. The headline rate has been expected to remain at 3.0% and the core rate to rise to 3.2%. Despite a difficult start to August, the bull market in stocks has been able to continue. The possibility that the Federal Reserve will cut interest rates next month, coupled with recent lower-than-expected inflation data, has created a favorable environment for stocks. Although all three major stock indices have posted declines in August, the S&P 500 has remained on track to close the year with a 13% gain, suggesting that the market has remained optimistic.
Looking at the S&P500 chart (Ticker AT: USA500), currently the Checkpoint (POC) is at 5,468 points with the current price being 5,435.25 points. The index has recovered in 4 trading days 6.68% of the -10.33% correction suffered since mid-July. This data added to the fact that the uptrend supports have bounced upwards could be another additional signal to expect a return to highs if the indicated control zone is surpassed.
Europe:
Preliminary Eurozone quarterly GDP data have been expected, with anticipated growth of 0.6%, up from 0.4% in the prior period. Other highlights have included French CPI and industrial production in the Eurozone.
Asia:
Asian bourses closed negative, with the Nikkei down 2.1% and the Hang Seng down 2.4%, reflecting a day of widespread selling in the region.
Cryptocurrencies and Commodities:
Cryptocurrencies have shown high volatility, with Bitcoin trading around $61,000 and Ethereum at $2,700. In the commodities market, gold has held at $2,501 per ounce.
Ion Jauregui - ActivTrades Analyst
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Looking at the S&P500 chart (Ticker AT: USA500), currently the Checkpoint (POC) is at 5,468 points with the current price being 5,435.25 points. The index has recovered in 4 trading days 6.68% of the -10.33% correction suffered since mid-July. This data added to the fact that the uptrend supports have bounced upwards could be another additional signal to expect a return to highs if the indicated control zone is surpassed.
Europe:
Preliminary Eurozone quarterly GDP data have been expected, with anticipated growth of 0.6%, up from 0.4% in the prior period. Other highlights have included French CPI and industrial production in the Eurozone.
Asia:
Asian bourses closed negative, with the Nikkei down 2.1% and the Hang Seng down 2.4%, reflecting a day of widespread selling in the region.
Cryptocurrencies and Commodities:
Cryptocurrencies have shown high volatility, with Bitcoin trading around $61,000 and Ethereum at $2,700. In the commodities market, gold has held at $2,501 per ounce.
Ion Jauregui - ActivTrades Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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