S&P 500 NEWS AND TECHNICAL
S&P 500 posted its biggest weekly gain in almost five months on the back of easing inflation data.
The S&P 500 rallied 5.9% last week for its best week since June. Investors cheered a lighter-than-expected inflation reading, betting that the Federal Reserve would soon slow its aggressive tightening campaign.
“A notable shift has occurred in the market, with investors increasingly risk-on across asset classes,” said Mark Hackett, Nationwide’s chief of investment research. “Technical indicators have improved dramatically, with investor sentiment, momentum, breadth, and risk factors all showing notable improvement.”
S&P 500TECHNICAL ANALYSIS:
In daily chart S&P 500 moving in upside channel.
It is currently trading above all MA.
RSI is in buying zone stochastic is suggesting uptrend.
Its immediate resistance is at 4117.38 and immediate support level is at 3954.55
HOW TO TRADE S&P500 INDEX IN THIS WEEK
S&P 500 is moving in an up channel and made strong bullish candle which has broken many previous day’s high, market tends to move upside so remain bullish on it.