Maintaining bullish bias on SPX for next week
Stimulus process will be the main catalyst to move the markets in the week ahead.
If you are wondering how the market finished at another ATH even after disappointing jobs report it's because the jobs report reemphasized the need for additional stimulus putting pressure on lawmakers and investors see this as a positive catalyst for a probable deal
Rising number of infections and hospitalizations on their own will not affect the markets unless the governments decide to act strictly, which is unlikely (atleast until Biden takes office).
Technicals:
RSI - probable reversal from the red line(on chart)
No strong resistance for sellers to get out.
Expecting another ATH next week with a target of 3800 by Dec.
Thank you for reading.
**Just an Opinion
If you are wondering how the market finished at another ATH even after disappointing jobs report it's because the jobs report reemphasized the need for additional stimulus putting pressure on lawmakers and investors see this as a positive catalyst for a probable deal
Rising number of infections and hospitalizations on their own will not affect the markets unless the governments decide to act strictly, which is unlikely (atleast until Biden takes office).
Technicals:
RSI - probable reversal from the red line(on chart)
No strong resistance for sellers to get out.
Expecting another ATH next week with a target of 3800 by Dec.
Thank you for reading.
**Just an Opinion
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