LIVE MARKETS-S&P 500 index has been driving to new highs, but is there a Jackson pothole ahead?
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S&P 500 INDEX HAS BEEN DRIVING TO NEW HIGHS, BUT IS THERE A JACKSON POTHOLE AHEAD?
This week will bring more attempts to map out a Russia-Ukraine peace deal, as well as a slew of retail earnings. Investors are also squarely focused on Fed Chair Powell's speech at the Jackson Hole Symposium, which is scheduled for Friday, August 22, at 10:00 a.m. ET.
Thus, after the S&P 500 index .SPX scored its 18th record closing high of 2025 last Thursday, there is potential that stocks will idle until Powell's speech on the economic outlook and the Fed's monetary policy path.
That said, traders will be keeping a close eye on chart levels, in the event any sharp moves develop.
Last Friday, the SPX hit a fresh record intraday high at 6,481.34, before closing at 6,449.80.
On Monday, e-mini S&P 500 futures EScv1 are lower by around 5 points, or 0.1%, in premarket trade, suggesting just slight weakness at the open.
On the upside, SPX hurdles include its 6,468.54-6,481.34 record closing high and intraday high followed by the 6,500 level. The upper monthly Bollinger Band is now in the 6,530-6,540 area.
Ten times the 2009 low of 666.79 is 6,667.90. Of note, the SPX has, at times, struggled around multiples of the 2009 low.
There is a weekly Gann Line which now presents another hurdle around 6,685.
Initial support resides at the late-July highs in the 6,427.02-6,389.77 area with the rising 20-day moving average (DMA) expected to be around 6,370 on Monday.
On a deeper pullback, bulls would want to see the broken resistance line from the 1929 high, which is now support around 6,300 this month, contain weakness.
The rising 50-DMA should be around 6,230 on Monday, which is just above the early-July to early-August lows in the 6,212-6,201 area.
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:
UK INFLATION DATA COULD SEE ANOTHER UNUSUAL STERLING REACTION CLICK HERE
SMALL CAPS WAKE UP – JUST NOT ON WALL ST YET CLICK HERE
STOXX DIPS, RENEWABLES RALLY ON US SUBSIDY CLARITY CLICK HERE
BEFORE THE BELL: EUROPEAN FUTURES STEADY, NOVO JUMPS CLICK HERE
GEOPOLITICS DOMINATES, BEFORE FED TAKES THE STAGE CLICK HERE
SPX08182025
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