Instrument: US.500
Bullish Preference:
Buy position is envisaged if price trades above 4527 with take profit at 4531.
Bearish Preference:
Sell position is envisaged if price trades below 4518 with take profit at 4515.
Fundamentals:
None with Expected High Impact
Comment:
The S&P 500 continued to rally last week as risk assets have surged since yields on U.S. Treasuries started to drop in late October. The index closed 2.2% higher last week to secure the first close above 4,500 since August.
Stocks are in a rallying mood on hopes the Federal Reserve might resort to cutting interest rates as inflation shows signs of cooling. The softer-than-expected October CPI prompted markets to nearly fully price out additional Fed hikes.
Analysis: SCRUM Team