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MENAFN- Daily Forex)
- In my daily analysis of US indices, the S&P 50 stands tall, as we are now well above the 6000 level as I write this.
- The S&P 500 will more likely than not be a major dissipate in any global rally when it comes to equities in 2025.
That being said, I do think that there is a lot of noise out there that could have a major influence on what happens next. After all, the interest rate situation of course will be front and center, but I think at this point in time we have a situation where America is the only place to put money to work for most traders, and the S&P 500 is of course the first place they look Analysis
The technical analysis for this index is very strong, as we had recently broken down toward the 5900 level, only to form a bit of a“double bottom” which also could be thought of as a“W pattern.” The market is currently looking at the 6100 level, which is an area that previously had been resistance. If we can break above there, the market is likely to continue to see an attempt to break above there, perhaps go looking even further moves to the upside. If we have that happen, then I think a lot of“FOMO trading” will come into the picture.
That being said, the market is likely to have to pay close attention to the idea of what's going on during the Friday session, which obviously is the non-Farm Payroll announcement, and this of course will have a major influence on what people think happens with the Federal Reserve. After all, the Federal Reserve has cut rates a couple of times already, but inflation, nor did the American economy seem to care. It's very possible that the US economy is about to start blooming again, and if that's the case, the S&P 500 is the easiest way to play that if you are overseas. It's also a great way to play it if you will happen to be here in America.
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