Will the S&P 500 Keep Hanging Tough explained by professional Forex trading experts the “Will the S&P 500 Keep Hanging Tough” FX trading team.
Will the S&P 500 Keep Hanging Tough?
The calendar for next week is relatively light, with the only ‘high’ impact releases set for Wednesday when Durable Goods Orders is due out, and later in the day the FOMC minutes from the earlier-month meeting. It’s unlikely there will be anything in the minutes which stir markets too significantly, but as per usual, be prepared for the unexpected. For the full weekly line-up, see the economic calendar. U.S. markets will be closed on Thursday in observance of the Thanksgiving Holiday. Expect trade to thin out Wednesday and Friday.
The S&P and Dow are both postured tenuously, with the later having ‘head-and-shoulders’ potential (most easily viewable on the hourly time-frame). It will of course need to break the ‘neckline’ of the pattern around 23240 for validation. But should it do so, then we are likely to see some selling in U.S. equities, in-line with what we have seen going on elsewhere in the world. The S&P is still hanging on outside of a rising wedge formation, but needs to turn down soon before the formation becomes invalidated. The longer the market hangs out, the more probable the recent choppy price action is a consolidation setting up for another leg higher. This coming week could be pivotal.
Will the S&P 500 Keep Hanging Tough Conclusion
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