Market Outlook 22.06.2020
The S&P 500 moved up 1.9% this week, recovering some losses from the last week. The Nasdaq Composite moved higher with a 3.7% gain.
Eight of the 11 S&P 500 sectors finished the week in positive territory.
On the downside
AlphOverBeta Next Week Forecast
We predict the market is going to continue to be high volatility range trading in the coming days and weeks, the economy is not going well enough to sustain a major rally, BUT the fed and government is going to continue to pump liquidity into the markets and that alone that should support the current price levels. The market traders are not clear on the next market move as they were in previous weeks and this creates elevated levels of volatility.
We see the next key level as 3000, and then 2800.
Trade Smartly,
Alon, AlphaOverBeta
The S&P 500 moved up 1.9% this week, recovering some losses from the last week. The Nasdaq Composite moved higher with a 3.7% gain.
Eight of the 11 S&P 500 sectors finished the week in positive territory.
- Health care +3.1%
- Information technology +2.8%
- Consumer staples +2.4%,
- Consumer discretionary +2.3%
On the downside
- Utilities -2.4%
- Energy -1.0%
- Real estate -0.8%
AlphOverBeta Next Week Forecast
We predict the market is going to continue to be high volatility range trading in the coming days and weeks, the economy is not going well enough to sustain a major rally, BUT the fed and government is going to continue to pump liquidity into the markets and that alone that should support the current price levels. The market traders are not clear on the next market move as they were in previous weeks and this creates elevated levels of volatility.
We see the next key level as 3000, and then 2800.
Trade Smartly,
Alon, AlphaOverBeta
