S&P 500
S&P 500 has pulled back from Tuesday’s record-high as the market awaits Q1’21 earnings from major banks like JPMorgan, Goldman Sachs, and the Bank of America. Investors expect strong results as proof of the US steady economic recovery.
One of the factors behind the positive forecast is the high trading volumes. Since the beginning of the year, S&P 500 has been rallying and reaching new record-highs on several occasions. This is a sign of more money has been pumped into the stock market, hence the positive outlook for bank earnings.
Besides, the fear & greed index is at a neutral of 51 compared to last week’s 64 on the greed scale. Investors are still extremely fearful of the stock price strength and breadth. On the other hand, market volatility is neutral while market momentum indicates extreme greed.
S&P 500 is consolidating after hitting a new record-high in the previous session. The slow down comes as investors await Q1’21 earnings from JPMorgan, Goldman Sachs, and the Bank of America.
The index is down by 0.04% at 4141.5 after reaching a new high of 4149 on Tuesday. On a two-hour chart, it is trading above the 14 and 28-day moving averages. Besides, it has remained between the middle and upper Bollinger bands.
Despite the easing, the bullish outlook continues. S&P 500 is likely to hit a new record-high in today’s session, with bulls targeting 4160 and the higher 4200. On the flip side, a move below the current support levels of 4135 and 4125 will have the next targets at 4100 and the psychological 4000.
