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S&P 500: March Towards 3600 Stalls As House Speaker Demands Changes to Trump’s Stimulus

Dow Jones New York Stock Exchange
Dow Jones

The S&P 500 index got off to a lower open this Tuesday after US House Speaker Nancy Pelosi insisted on changes to Trump’s version of the stimulus package if an agreement is to be reached. The bullish open by the Communications Services Index on the S&P 500 was not enough to send the index higher as Pelosi’s comments, contained in a letter to lawmakers, sent investors into a mode of caution. 

In a Tuesday letter to US lawmakers, House Speaker Pelosi said that the US President’s version of a coronavirus stimulus package falls significantly short and that changes needed to be made to Trump’s proposal, as reported by Reuters. She, however, remained hopeful of getting a deal done with the White House. 

As at the time of writing, the S&P 500 index had shed 0.39% of its value to trade at 3520.0, after hitting intraday highs at 3549.9.

Technical Outlook for S&P 500 Index

Today’s drop is pointing the S&P 500 index towards the 3481.6 support mark, with 3393.5 and 3335.5 forming the next downside targets. 

However, a bounce on the 3481.6 support could re-energize the bulls to make a push once more for the 3528.9 resistance. This resistance is the last barrier before the all-time high of 3588.1 comes into view. 

Price direction for the index will increasingly be decided by the lawmakers and US voters, with less than three weeks to election day in the US.

S&P 500 Daily Chart