Stocks were lower for the week, as coronavirus continued to escalate, with 330,000 deaths across the US and almost 19-million cases reported. Risk-off could continue into the upcoming trading week, notwithstanding the US government’s vaccination drive. As of Friday, more than 1 million Americans were inoculated, and it has been the underlying tailwind for stocks and launched the cyclical rotation.
Markets will start the upcoming, holiday-shortened week weighing the pros and cons of Trump’s unexpected stimulus shakeup which meant that employment benefits for millions of Americans ended on Saturday and a partial government shutdown could begin on Tuesday if there’s no further movement on enacting the bill.
*Update: Global shares edge up on news Trump signs aid bill
Here’s what you need to know to start your week.
S&P 500 (US Market)
The benchmark index ($SPX) were lowered -0.66% (-24.5 points) during the week. With S&P500 remains trading within a 3% trend channel range established since 10th November, the technical strength of the market remains bullish for a continuation rally towards 3,750 level in the upcoming week.
The immediate support to watch for any signs of weakness is at 3,660 level, an initial break of the trendline support.
Markets will start the upcoming, holiday-shortened week weighing the pros and cons of Trump’s unexpected stimulus shakeup which meant that employment benefits for millions of Americans ended on Saturday and a partial government shutdown could begin on Tuesday if there’s no further movement on enacting the bill.
*Update: Global shares edge up on news Trump signs aid bill
Here’s what you need to know to start your week.
S&P 500 (US Market)
The benchmark index ($SPX) were lowered -0.66% (-24.5 points) during the week. With S&P500 remains trading within a 3% trend channel range established since 10th November, the technical strength of the market remains bullish for a continuation rally towards 3,750 level in the upcoming week.
The immediate support to watch for any signs of weakness is at 3,660 level, an initial break of the trendline support.