The US markets were driven by Fed Chair Powell's speech in Washington and saga over the agreement on US debt-ceiling. The agreement was not reached until Friday, so markets reacted with a negative mood. The noise over this topic will continue during the weekend, as negotiations will continue. The potential agreement during the weekend, would certainly shape the markets mood at Monday's opening.
The highest weekly level the S & P 500 reached was at 4.210, however, the index was swiftly pushed to the down side, finishing the week around 4.190. Resistance line at 4.2K has been tested on this occasion, but there has not been strength to clearly break this level. The banking shares were up during the week, supporting the push of the index to the upside.
The S&P 500 will start the week ahead by testing the current resistance line at 4.200. Certainly, currently ongoing negotiations on debt-ceiling might have an impact on the equities markets in case of further postponing or disagreements. In case of a negative reaction, the index might revert a bit to the downside and levels around 4.1K. On the opposite side, testing of 4.2K will continue, with a low probability that the index might soon reach 4.3K, a level from August 2022.
The highest weekly level the S & P 500 reached was at 4.210, however, the index was swiftly pushed to the down side, finishing the week around 4.190. Resistance line at 4.2K has been tested on this occasion, but there has not been strength to clearly break this level. The banking shares were up during the week, supporting the push of the index to the upside.
The S&P 500 will start the week ahead by testing the current resistance line at 4.200. Certainly, currently ongoing negotiations on debt-ceiling might have an impact on the equities markets in case of further postponing or disagreements. In case of a negative reaction, the index might revert a bit to the downside and levels around 4.1K. On the opposite side, testing of 4.2K will continue, with a low probability that the index might soon reach 4.3K, a level from August 2022.
