Update on long term trend on SP500 index.
The market has broken the resistance at 4270 – 4290.
We think the market should edge higher toward the area between 4507 and 4534 (see resistance levels on chart).
Day: July 5, 2021
Thursday was a day marked by positive sentiment on equity markets (yet another record high on Wall Street), amid a return to cyclical stocks on the back of good macro data. Nonfarm unemployment claims fell to their lowest level since the start of the pandemic, raising expectations for labour market data (June new jobs, wages and unemployment) due out today.