Stocks Analysis by Fawad Razaqzada covering: S&P 500, S&P 500 Futures. Read Fawad Razaqzada's latest article on Investing.com
S&P 500 futures are trading near recent highs amid geopolitical tensions.Central bank easing optimism faces rising geopolitical risks, with next S&P 500 moves to hinge on US data.was trading near a two-week low, albeit only a tiny bit below its record high hit last week. So, as things stand, we are far from being in a full-blown bear market.
The escalating conflict in the Middle East has restrained risk appetite all week. Investors have also been wary of taking on too much risk ahead of the release of key economic data from the US that may shed more light on the Fed’s rates decisions in the coming months. In September, non-farm employment is expected to have risen by just under 150K vs. 142K the month before, with theseen steady at 4.2%. If the data comes in around the expected figures, this will further reduce the odds of another 50 basis point rate cut from the Fed this year, after Chairman Powell talked back against expectations of aggressive cutting earlier this week.
Naturally, momentum indicators are flashing overbought signals on the long-term charts. The monthly RSI has crossed above 70, hitting its highest level since January 2022, just before a lengthy bear trend kicked off. But we’ve seen even more overbought conditions in August 2021, September 2018, and January 2018.
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