Stocks Analysis by Fawad Razaqzada covering: S&P 500. Read Fawad Razaqzada's latest article on Investing.com
The S&P 500’s rally highlights growing optimism about future Fed rate cuts and a potential shift in policy.
Economic data and Fed commentary today will offer fresh insights into the trajectory of US growth and rate expectations.may adopt a more accommodative stance in the not-too-distant future, rather than keeping policy on hold until the latter stages of the year.report. Let’s see if rate expectations will change significantly again in the coming weeks as investors react to fresh data and welcome the return of Donald Trump as President. Today, investors will be eying.
Keep an eye on the resistance trend of the falling wedge pattern, which was being tested at the time of writing. The lower highs observed in recent weeks mean we can’t be too complacent about expecting continued buying pressure. In this sort of market, taking it from one level to the next is key. One shot, one kill, if you will. With that in mind, it is important to take profit if you are looking for bounce trades at key support levels below market, levels that were formerly resistance.
In terms of the next resistance levels to watch, well the area between 6030 and 6051 is now in focus, where previously the index had found both support and resistance.On the macro front, attention is turning to the US jobless claims and retail sales later today for further clues over the health of the US economy and the outlook for Fed rate cuts. Meanwhile, with the earnings season kicking into higher gear, there will be lots of company news in the next few weeks.
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