Chart of the Day: S&P500

Chart of the Day: S&P500 (08/09/2020) |

The S&P500 is at an inflection point, where I anticipate short term weakness based on the technicals. Ever since the swing high was made on 02/09/2020 at 3586.50, it has subsequently made lower lows and lower highs suggesting that a temporary high is in place and the market may be poised for a short term reversal. The major indices have been buoyed by stimulus and we may potentially see even more stimulus injected as the U.S. election approaches.

The Dollar Index on the daily time frame seems to be forming a base and gradually moving higher. The expectation is to see it achieve between 93.40 – 93.60 in the coming days. This will add downward pressure on the indices as well as the metals. Apart from the ECB interest rate decision scheduled on Wednesday, U.S. Initial Jobless Claims and Crude oil Inventories, I do not anticipate that the U.S. JOLTS Job Openings (Jul) or U.S. Core CPI (MoM) (Aug) has the ability of swaying the market from it current short term bearish trajectory.

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