- The S&P 500 has been oscillating since the open, between the 3560 and 3570.
- Traders are weighing the possibility of more fiscal stimulus in the United States, as well as the Treasury’s decision not to continue with the Fed’s emergency loan programs.
- The index is at risk of breaking an uptrend that could open the door to a test of weekly lows just below 3550.
The S&P 500 It has been oscillating since the open of the stock trade, oscillating between the 3560 and 3570 in the last two hours. Currently, the index is trading at a loss of around 0.4% or 12 points on the day.
S&P 500 expects retest of double top on Thursday / Friday morning
S&P 500 futures hit a double top during the morning of the European session on Friday, with the index futures contract climbing back to Thursday’s highs at just over 3,580, before falling back to current levels around out of 3570.
It is not clear if this double top will hold and signal a further decline in the coming days, but it will be less likely that the future of the S&P 500 can recover and surpass the highs reached earlier in the day.
Since Thursday, S&P 500 futures have adjusted to an uptrend that should come into play in the mid-3560s. A breakout from this could open the door to pull back towards the week’s lows just below 3550.
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