All stock indices finished the week lower, where S&P 500 was down by 1.16% on a weekly level. Short reversal was evident on the charts, after the index reached its highest weekly level at 4.458 points. This was the second attempt after mid-June for the index to take higher grounds, however, concerns over potential further Fed's rate hike in July spoiled the further push of the index to the upside. During the week ahead US inflation data will be released, which might bring some further retracements. At this moment, some investors are preferring fixed income instruments over equities, in order to decrease economic risks.
The lowest level S&P 500 reached during the week was 4.387, with ongoing downtrend. Current charts are pointing that further corrections are probable in the coming period. Some increased volatility might be expected till the end of July, until the FOMC decision on rate hikes is finally revealed. In this sense, the index might head to 4.330, a level from the end of June. At this moment, charts are not pointing on a potential for further move to the upside.
The lowest level S&P 500 reached during the week was 4.387, with ongoing downtrend. Current charts are pointing that further corrections are probable in the coming period. Some increased volatility might be expected till the end of July, until the FOMC decision on rate hikes is finally revealed. In this sense, the index might head to 4.330, a level from the end of June. At this moment, charts are not pointing on a potential for further move to the upside.
