S&P 500

Delayed USA - 09/19 11:17:58 pm

A 1% increase in the wake of Europe

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08/29/2019 | 08:11 am
Opinion : Bullish above 2822 
Target price : 2944 
While Europe is now enjoying a political lull in Italy (with the prospect of the formation of a new coalition government) and hopes of a resumption of Sino-American trade negotiations, the S&P500 is expected to open up by 1%. The US index finished down 0.65% to 2887 points yesterday, as traders feared a recession in the US, with the recent reversal of the yield curve.
Today, the Chinese Ministry of Commerce said Beijing and Washington were discussing a resumption of negotiations, adding that China was opposed to an escalation in the trade war.

On the statistical side, at 2:30 pm, operators will be informed of the second estimate of US GDP for Q2 (consensus 2% against 2.1% in the first estimate). The trade balance is expected to fall to -74.0B, weekly unemployed registrations to 215K and wholesale trade stocks up by 0.2%. At 4pm, promises of home sales will be revealed (consensus +0.1%).

Graphically, the S&P500 remains in a consolidation phase. This one could test today the major resistance zone of the 2944 points. Only exceeding this level would militate in favour of continuing the movement towards 2975 points.
Laurent Polsinelli
Zonebourse.com 2019
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