SP500 : A SHORT-TERM CORRECTION IS DUE
- The market is trading inside a bullish channel since end of May ; The mid-term trend is then bullish for the Hedge funds' favorite index.
- The market has just reached a new all-time high above 5675pts, carried by rate cuts bets following strong Retail Sales data showing a more resilient US Economy than anticipated.
In addition, the technical landscape isn't really reassuring.
The RSI indicator has just broken-out its own bullish trendline, following a bearish divergence with the market.
Finally, the prospect of another Trump Presidency is reviving fears of both geopolitical and trade tensions with Asia.
- The bullish trend remains valid so far. But the bearish technical signs combined by the uncertain fundamental environment could push investors to take some profits out as the market just registered a new all-time high.
The scenario of a short-term correction can be seen as the most likely, with potential support levels located around 5,500pts, 5,390pts, and 5,300pts by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be 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.
- The market has just reached a new all-time high above 5675pts, carried by rate cuts bets following strong Retail Sales data showing a more resilient US Economy than anticipated.
In addition, the technical landscape isn't really reassuring.
The RSI indicator has just broken-out its own bullish trendline, following a bearish divergence with the market.
Finally, the prospect of another Trump Presidency is reviving fears of both geopolitical and trade tensions with Asia.
- The bullish trend remains valid so far. But the bearish technical signs combined by the uncertain fundamental environment could push investors to take some profits out as the market just registered a new all-time high.
The scenario of a short-term correction can be seen as the most likely, with potential support levels located around 5,500pts, 5,390pts, and 5,300pts by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be 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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