S&P 500 Fails First Test to Resume Uptrend as US Stocks Retreat

Last week, sentiment in the financial markets improved following Monday’s sell-off, which provided a boost to stock markets. The S&P 500 rebounded by 100 points, successfully closing the bearish gap. However, today the markets struggled to maintain this bullish momentum, even though European stock markets managed to close the day with gains. As London and European traders wrapped up their sessions, risk sentiment shifted back to the downside, as reflected in the price action of safe-haven currencies like CHF and JPY.

S&P 500 Chart H4 – Are MAs Turning From Support to Resistance?

The S&P 500 is now trading in negative territory, down by 9 points or 0.1%. U.S. yields have also declined, reaching their lowest levels of the day. The flight to safety is being driven by growing concerns about a potential conflict between Israel and Iran. Additionally, the New York Fed’s consumer survey showed a significant drop in three-year inflation expectations, down by 0.6% to 2.3%, marking the lowest level since the survey began in 2013.

S&P 500 Live Chart

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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