S&P 500 BULLISH ON CONSUMER SENTIMENT, PMI DATA
S&P 500 is currently at 2905.25 – higher by 0.15% compared to the last close. For the week, it is up 1.1%, although it is looking at a 0.4% decline for August.
U.S. stocks struggled for gains on Friday as the United States and Canada neared a key trade agreement deadline with no apparent resolution.
The S&P 500 notched to all-time high this week, buoyed by a 6.1 percent weekly rally in Amazon and a 5.8 percent weekly gain in Apple carrying the index to new records. The S&P 500 remains on track for the best August since 2014.The index is up 3 percent for the month.
On the economic front, Consumer sentiment in the United States rose slightly in August, beating economist expectations for a slight decline. The University of Michigan’s monthly survey of consumers hit 96.2 in the final reading of August, better than the drop to 95.5 expected by economists polled by Reuters. In other economic data, the Chicago PMI released earlier on Friday came in at 63.6 better than expected value of 63.0. The Previous value of index was 65.5.
On the technical front, the RSI is currently at 69.89% and suggests that the market can continue trading sideways. The current price is above the MA5.The current price is above the middle line of Bollinger bands and is heading upwards. So, overall the market setup seems to be positive.
Trade Suggestion-Limit Buy At: 2895, Take Profit At: 2902 Stop Loss At: 2891