S&P 500: Sellers may defend current levels
Here's a comparison between the S&P500 and the FTSE 100, although most other major indices could also be used (DAX, CAC, etc.)
The FTSE is having difficulties to reach fresh marginal highs, which may provide some hints for today's S&P 500 open.
S&P reached the 61.8% Fib level on the daily, which aligns with a strong resistance level (possible triple top). The recently-broken bearish wedge may also provide some resistance for further upside movements.
The real question we need to ask is are stocks currently overvalued? The US lost a record 20+ million jobs in March, with many SME firms facing bankruptcy. GDP contraction may also be significant and up to 30%, according to Fed's Powell. Bulls need to be cautious during these times.
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The FTSE is having difficulties to reach fresh marginal highs, which may provide some hints for today's S&P 500 open.
S&P reached the 61.8% Fib level on the daily, which aligns with a strong resistance level (possible triple top). The recently-broken bearish wedge may also provide some resistance for further upside movements.
The real question we need to ask is are stocks currently overvalued? The US lost a record 20+ million jobs in March, with many SME firms facing bankruptcy. GDP contraction may also be significant and up to 30%, according to Fed's Powell. Bulls need to be cautious during these times.
Like our analysis? Please hit the "LIKE" button, comment and share. Thanks!
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