S&P Eyes Fibonacci Retracement
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The S&P 500 closed at 0.1% increase today with volume marking its highest level since April 24th. As short and medium term technical point to further gains, investors should tread carefully due to trade tensions and a contracting U.S. economy.
From a technical perspective, the RSI remains bullish with further gains possible as the indicator has yet to reach overbought levels. Key resistance levels lie at 5,657 (61.8%) retracement from February to April swing high/low .
Many investors will be looking at notable pullbacks as a buying opportunity with focus on tech stocks – mainly AI.
Focus should remain on the economic calendar in the medium to long term with events such as Nonfarm Payrolls, Personal Consumption Expenditures, and First Quarter GDP. Not to overlook, consumer confidence plunged to a 5 year low and another subpar reading could erase recent gains. Keep a close eye on this report.
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