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What event can fix the growth of the S&P 500


The U.S. stock market successfully cleared a key resistance level, surpassing the 4,200 mark last week for the first time since August 2022, according to information released by Business Insider.


Analyst Kathy Stockton of Fairlead Strategies notes that several technical factors are needed in the market for this trend to continue.


One of those factors is the potential for the S&P 500 and Nasdaq 100 to remain above their two key resistance levels towards the end of this week.


The S&P 500 closed above 4155 last week, and now the question of the stability of the rally is on the minds of investors, especially in light of the debt ceiling debate in Congress.


Stockton points out that short-term momentum indicators are currently supporting stocks after recent breakouts, and if the S&P 500 and Nasdaq 100 close above 4,155 and 13,525, respectively, by the end of the week, there could be further gains. However, so far both major stock indexes have not given a clear technical signal of continued growth.


Stockton says: "Short-term momentum indicators are up, but we need to get confirmation of breakouts before we take any action."


If a breakout is confirmed by the end of the week, Stockton advises investors to reduce their bearish positions and use the possible decline in stock prices to expand their portfolios.


The analyst also notes that the fall in gold prices is a confirmation of the latest rally. Gold prices have fallen 5% since early May to hit $2,085 an ounce. The current support level for gold is $1930 per ounce.

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Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
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