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Year-to-date, the S&P 500 has risen by more than 25%, reaching all-time highs above 6000.00. The results of the U.S. presidential election have been seen as positive news for the broader market.
However, the occurrence of a rising wedge pattern could signal bearish momentum if the pattern breaks to the downside. If bearish momentum takes hold, price levels of 5878.00 and 5668.00 may be tested as support.
If bullish momentum continues and the wedge pattern breaks to the upside, further price discovery towards 6200.00 is likely.
Week 52 should provide clarity on the macroeconomic situation with the release of Core PPI and Unemployment Claims data from the U.S.
Fri, 06 Dec 2024 13:20:03 GMT
Source: Dukascopy Bank SA
Year-to-date, the S&P 500 has risen by more than 25%, reaching all-time highs above 6000.00. The results of the U.S. presidential election have been seen as positive news for the broader market.
However, the occurrence of a rising wedge pattern could signal bearish momentum if the pattern breaks to the downside. If bearish momentum takes hold, price levels of 5878.00 and 5668.00 may be tested as support.
If bullish momentum continues and the wedge pattern breaks to the upside, further price discovery towards 6200.00 is likely.
Week 52 should provide clarity on the macroeconomic situation with the release of Core PPI and Unemployment Claims data from the U.S.