S&P 500 : Week ends on low note due to trade concerns

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05/17/2019 | 04:04 pm
Opinion: Under surveillance. Monitor the exit of the range 2858 PTS/ 2890 PTS

After finishing up 0.89% at 2876 points yesterday, driven by some good statistics (PhillyFed index, housing starts and weekly unemployment registrations) and the deferral of the surtax on the European automotive sector, the S&P500 index is expected to fall by 0.7%.

Operators are expected to opt for further decommitments on the eve of the weekend, with continued trade tensions between Beijing and Washington.

On the macroeconomic level, the leading indicators and the Michigan index (consensus 97.8) will be published today.

In hourly data, the S&P500 remains in a recovery phase and maintains a bullish bias above 2858 points. In the very short term, the direction of exit of the 2858/2890 points should be decisive. A relapse below the moving average would argue for a rapid return to recent lows.

Laurent Polsinelli
MarketScreener.com 2019
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