Equities Q2 2021 Technical Forecast
S&P 500 Index Could Prolong Greater as Nikkei 225, Dangle Seng Index Consolidate
S&P 500 Index
The S&P 500 index is using an ascending pattern larger and will try and problem a psychological resistance stage at 4,000 (the 100% Fibonacci extension of the previous yr’s first part rally). Breaking this boundary might open the door for additional upside potential with an eye fixed on 4,290 – the 127.2% Fibonacci extension on the identical run. The general pattern retains a bullish bias because the index types consecutive larger highs and lows since rebounding from its March 2020 trough.
Trying forward, the upward trajectory stays intact for the US inventory market, though some technical pullbacks are potential into the second quarter of 2021. Europe is going through a 3rd viral wave amid a slowdown in vaccine progress, whereas the financial restoration all over the world is prone to be uneven and extended. Reflation hopes and the inflation outlook might proceed to spice up longer-term bond yields, that are…