Market participants are switching to their routine in the wake of the holiday. However, they have not regained the appetite for risk yet. Trading volume remains low amid the empty economic calendar. Although there are a few sources for optimism, Wall Street is firmly on its way to new highs.
The benchmark stock indices extended the Santa Claus rally yesterday. The stock market opened the final week of 2023 on an optimistic note. The three major stock indices are on track to their quarterly, one-month, and one-year growth.
Interestingly, despite the lack of high-impact news, the S&P 500 carried on with its inertial climb and reached the highest level since January 2022.
The barometer of the US stock market health opened the week 20 points up or 0.42% up. It climbed to 4,774, the upper border of the intraday corridor predicted by our analysts.
Futures on the stock indices grew by 0.08-0.2% in the New York pre-market. The S&P 500 is expected to trade in the intraday corridor between 4,761 and 4,898.
The index is a step away from cherished high. String resistance could push the price down to 4,740. If the index passes the upper border, it could find enough energy to challenge 4,812.
An eight-week rally in stocks accelerated two weeks ago after the Fed signaled the end of its rate hike cycle and opened the door to a potential rate cut in 2024.
The market got to know soft inflation data on Friday. If inflation continues to decline in January and February, there is a good chance the Federal Reserve could cut rates sooner than expected.
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