The S&P 500 gained 0.69% during the week, ending at level of 4.536. As the majority of companies posted their Q2 results, investors are now weightening potential for gains in the next quarter. For now, results are good, however, there are still pending fears of forthcoming potential recession supported by high interest rates and tightening monetary measures. During the week one of the highest gainers was Microsoft, after posts regarding its artificial intelligence stream.
S&P 500 continues to be highly overbought, as per current charts. Some short reversal was expected considering that the majority of companies posted their Q2 results. On the other hand, charts are also pointing to a potential for a short reversal. In this sense, the index might revert a bit to the level of 4.500, with lower potential for 4.400 at this moment.
S&P 500 continues to be highly overbought, as per current charts. Some short reversal was expected considering that the majority of companies posted their Q2 results. On the other hand, charts are also pointing to a potential for a short reversal. In this sense, the index might revert a bit to the level of 4.500, with lower potential for 4.400 at this moment.
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