There are two major events which marked the developments on the US markets during the previous week. The first one (and probably most important) is that the debt-ceiling agreement was accomplished and approved by the US Congress. It was also signed by the US President on Saturday. The second development was related to much better-than-expected job figures for the US, where 339K new jobs were added in May, compared to 190K expected by the market. These two important information shaped the sentiment of investors, where S&P 500 reached levels from August last year, with its highest weekly level at 4.289, reached on Friday.
Charts are pointing that the S&P500 is currently chasing a peak from August last year, when the index reached level of 4.320. The US economy seems resilient to monetary moves, which is expressed in high earnings. This might further support the index, still RSI is pointing that potential reversal point might be soon reached. There is still space for a move to the upside, however, it should not be expected that August 2022 might be breached. Instead, the index might revert just a bit to the downside, potentially toward 4.250 or lower.
Charts are pointing that the S&P500 is currently chasing a peak from August last year, when the index reached level of 4.320. The US economy seems resilient to monetary moves, which is expressed in high earnings. This might further support the index, still RSI is pointing that potential reversal point might be soon reached. There is still space for a move to the upside, however, it should not be expected that August 2022 might be breached. Instead, the index might revert just a bit to the downside, potentially toward 4.250 or lower.
