SPX: a new-old momentum
The S&P 500 continues with old optimism, this time supported by the US inflation figures. A fresh all time highest level has been reached at Friday`s trading session at the level of 5.658, gaining 1.4% for the week. The gain was supported by better than expected US inflation data for June, and Fed Chair Powell`s testimony in front of the US Congress.
Tech stocks continue to play a big role for the S&P 500. Thursday was the day when some investors decided that it is time to sell the market bellowed Nvidia and few other tech stocks. During this sell off Nvidia`s stock price dropped by 5.6%. Regardless of this short reversal, the index continues to be traded in a highly overbought momentum since the mid of May this year. Some analysts are noting that potential short term reversal might soon come to the S&P index, as investors are now slowly positioning in stocks outside of the major ones. Small caps are emerging as potential gainers in the coming period as investors are assuming that the lower US rates in the coming period will be supportive for small businesses.
Another momentum for the S&P 500 which should be considered in the coming period are Q2 earnings figures which will be released during the coming weeks.
Tech stocks continue to play a big role for the S&P 500. Thursday was the day when some investors decided that it is time to sell the market bellowed Nvidia and few other tech stocks. During this sell off Nvidia`s stock price dropped by 5.6%. Regardless of this short reversal, the index continues to be traded in a highly overbought momentum since the mid of May this year. Some analysts are noting that potential short term reversal might soon come to the S&P index, as investors are now slowly positioning in stocks outside of the major ones. Small caps are emerging as potential gainers in the coming period as investors are assuming that the lower US rates in the coming period will be supportive for small businesses.
Another momentum for the S&P 500 which should be considered in the coming period are Q2 earnings figures which will be released during the coming weeks.
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