By ForexTime
The next few days promise to be volatile for the S&P 500 thanks to fundamental and technical forces.
After trading within a narrow range for two weeks, it could be waiting on a new catalyst to cause a major bullish (or bearish) breakout.
If we look at the technicals, prices remain on an upward trend in spite of the period where they have been consolidating. The support is located at 4070 with resistance at 4160. The index is comfortably trading above the 50-day, 100-day, and 200 day SMAs, but the Relative Strength Index signals that the prices are flirting with overbought situations.
Here are 3 reasons why the SPX500_m could breakout this week…
- Earnings season begins in the US
It’s that time of the year again!
Last week the first quarter earnings season began. JPMorgan Chase was followed by Wells Fargo and Citigroup, who all beat earnings expectations. These results are certainly welcome, given the recent turmoil in the banking industry. However, concerns about a US economic recession are still present. This could lead investors to carefully examine the pending results of Charles Schwab as well Goldman Sachs and Bank of America this week. When…
