SP500 : Another trendline Reaction? comment Hello traders , today's topic is about SP500.
As you can see technically we are in a very strong trending market to the upside.
previously price tested multiple times the zone.
we can also see a 0.618 level.
50 daily ema.
From the fundamental aspect according to trading view news related : to continue bullish:
* August CPI comes in cooler than expected
* Apple heaviest drag on S&P after product launch event
* Drop in Treasury yields pressures financials
* Indexes down: Dow 0.84%, S&P 500 0.57%, Nasdaq 0.45%
Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.
Optimism faded throughout the session, reversing an initial rally following the Labor Department's consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.
So far this month the S&P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.
"There is a possibility that the market is simply ready to go through an overdue correction,"
The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.
"We're still in a corrective mode that people have been calling for months," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant."
