S&P 500 was struggling to hold a $4.400 support line during the week, while the final break from this line was supported by the Fed Chair Powell speech at the Jackson Hole conference on Friday. Although Powell did not mention anything that the markets did not already price, still, a note that the Fed already accomplished a lot and that the US economy posted stronger-than-expected economic growth was the pivotal point for markets. Regardless of the note mentioned that the Fed might increase further interest rates if inflation remains persistent, the market continued to be in the positive sentiment. During Friday`s trading season the S&P 500 gained 0.7% and finished the week at 4.405.
The highest weekly level reached was 4.452, while the lowest was reached at the beginning of the week at 4.360. Still, the 4.400 level remains a target for the S&P 500 to sustain in the week ahead. The sentiment of the market is still a bit mixed. A move toward 4.450 might be possible, but a move toward the higher grounds is not likely at this moment.
The highest weekly level reached was 4.452, while the lowest was reached at the beginning of the week at 4.360. Still, the 4.400 level remains a target for the S&P 500 to sustain in the week ahead. The sentiment of the market is still a bit mixed. A move toward 4.450 might be possible, but a move toward the higher grounds is not likely at this moment.
