SPX500 renews daily uptrend

  • SPX500
    (${instrument.percentChange}%)


Source: www.tradingview.com

SPX500 stock futures are trading higher pre-cash open (red arrow). The index is extending gains following a weaker than expected US jobs report on Friday boosting the prospects of a September rate cut by the Federal Reserve.

Friday's price action saw the US real rate decline (down blue arrow) off the weaker job numbers, which acted as a tailwind (up blue arrow) for the SPX500, given its inherent time value of money characteristics. I.e. the lower yield acts a support for the present value of the index.

The daily SPX500 now finds itself in an uptrend with a higher trough (HT) followed by a higher peak (HP).

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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