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Slope of Hope Blog Posts
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Political Headwinds Await US Markets
As economic benefits of last year’s Tax Cuts and Jobs Act begin to filter into the US economy, the S&P 500 Index appears to be headed towards a retest of its all-time high of 2872.87 set in January of this year, as shown on the monthly chart below. This record high was accompanied by an all-time momentum (MOM) high, as well…hinting of further strength ahead at some point on this timeframe.
It has broken above what was near-term resistance of 2680 (as I described in my post of May 4).
Watch for a break and hold above its next major resistance level (top of long-term uptrending channel) at 2750. Otherwise, a break and hold below 2680 could see price retest its next support level of 2620, or lower.
