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Equity Analysis and News

  • S&P 500 Maintains its bullish path
  • Dow Jones breaks above trendline resistance posting fresh record highs

Price

200DMA

RSI

Open Interest

IG Sentiment

Europe

FTSE 100

7512

7491

68

600,367

Mixed

DAX (Closed)

12353

12484

63

-

Bearish

CAC 40

5495

5387

68

279,771

Mixed

US

S&P 500

2922

2761

64

2,706,609

Bullish

DJIA

26548

25096

73

114,199

Bullish

Nasdaq 100

7586

7022

63

248,299

-

S&P 500

Improved risk sentiment has stemmed from reports that the Italian government may reduce its budget deficit target for 2020 and 2021. As such, the S&P 500 is called to open modestly higher. The rising channel keeps the S&P 500 on a bullish path. However, Italian risks may be back on the rise depending on the EU’s response to the budget.

S&P 500 and DJIA Maintains Bullish Trajectory, However, Italian Risk's Loom

Dow Jones Industrial Average

After another record high reached in the DJIA, the bias remains to the upside, which has been further supported by the break above the trendline. Prices would need to hold above the trendline to keep the index firm. Alongside this, RSI indicators show that there is a bullish divergence and thus supporting the case for higher prices. However, failure to consolidate above may leave the index vulnerable to the downside with the bottom of the channel coinciding with the support volume zone at 26048.

S&P 500 and DJIA Maintains Bullish Trajectory, However, Italian Risk's Loom

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX