Relatively solid economic data posted during the previous week supported further US equities. The job market in the US seems more resilient to tighter monetary conditions than expected and especially, projected by the FOMC members. The S&P 500 sustained its highest peak since May 2022 and finished the trading week at level of 4.604.
The index continues to move within strongly overbought momentum for the last three weeks. A short reversal continues to be indicated on the charts. However, as long as positive economic data are holding the so-called soft lending rhetoric, the equities will be strongly supported. The FOMC meeting is scheduled for the week ahead, where any surprises by Fed members might trigger the reversal. In this case, the level of 4.500 might be the next target of the index. At the same time, scenarios in which the market moves to the higher grounds from current ones could be up to 50 points to the upside.
The index continues to move within strongly overbought momentum for the last three weeks. A short reversal continues to be indicated on the charts. However, as long as positive economic data are holding the so-called soft lending rhetoric, the equities will be strongly supported. The FOMC meeting is scheduled for the week ahead, where any surprises by Fed members might trigger the reversal. In this case, the level of 4.500 might be the next target of the index. At the same time, scenarios in which the market moves to the higher grounds from current ones could be up to 50 points to the upside.
