SP500 Inches Higher Following Economic Data – Long Position Suggested
U.S. SP500 index traded higher on Monday as better-than-expected inflation and consumer spending data outweighed bearish sentiment clouding on energy stocks.
According to the U.S Bureau of Economic Analysis, inflation as measured by the PCE index rose 0.2% in September. Meanwhile, a separate report also by the Bureau of Economic Analysis showed Americans increased spending in September by the fastest amount in three months.
The S&P 500 added 0.23%, with eight of the 11 main sectors trading higher. Utilities and Real Estate led the gains while crude oil prices which tumbled on Monday put pressure on energy companies.
Buy Stop at 2130.00, Take profit at 2135.00, Stop loss at 2125.00