Chart of the Day: S&P500 (08/10/2020) | alb.com
On the back of stimulus hopes, we’ve seen during the European session the indices move higher with the German Dax moving above 13,000 or rally by 0.46% thus far and the S&P500 is up 0.51%. The Dollar index is still range bound but holding above 93.60. A close below 93.40 could signal further weakness with the potential of retesting the 92.50 – 92.25 level. However, the short term bias still remains bullish as it moves within its upward sloping channel. The expectation for the S&P500 is bullish particularly if it closes above 3425.00 thereby closing above the swing high on 10/09/2020. With the U.S. elections approaching, the probability of increased volatility and uncertainty increases. The overall trend on the S&P500 is bullish and the expectation is a move towards 4,000.00 coinciding with the 261.8% Fibonacci retracement from the swing low on the 14/05/2020 to the swing high on 08/06/2020.
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