The US equity market continues to be under influence of debt-ceiling negotiations, but still supported by the earnings of tech companies. During the previous week, the resistance line at 4.200 has been tested for one more time within the last two weeks. Since it has not been clearly breached, it opens a way for a short term reversal. Still, the ongoing debt-ceiling negotiations are supposed to enter into the final phase during the week ahead, in which sense, some market volatility might be expected.
Highest weekly level reached was at 4.211 on Friday`s trading session, while 4.103 was the lowest one. Friday`s trading was supported by better-than-expected earnings from Nvidia. Regardless of a negative sentiment coming from the debt-ceiling saga, still, the SPX index remained supported by relatively good earnings of the companies included in the index.
SPX will start one more week by testing the 4.200 resistance line. In case that it is not clearly breached, the index might revert a bit to the downside. Same as the week before, the level of 4.100 emerges on charts as a potential level to test, with lower probability that the support line at 4.000 might be potentially reached in the week ahead.
Highest weekly level reached was at 4.211 on Friday`s trading session, while 4.103 was the lowest one. Friday`s trading was supported by better-than-expected earnings from Nvidia. Regardless of a negative sentiment coming from the debt-ceiling saga, still, the SPX index remained supported by relatively good earnings of the companies included in the index.
SPX will start one more week by testing the 4.200 resistance line. In case that it is not clearly breached, the index might revert a bit to the downside. Same as the week before, the level of 4.100 emerges on charts as a potential level to test, with lower probability that the support line at 4.000 might be potentially reached in the week ahead.
