S&P 500 remains near July highs despite recent drop with key support levels now in focus.For less than $8 a month, InvestingPro's Fair Value tool helps you find which stocks to hold and which to dump at the click of a buttonSeptember is not usually a good month for the markets anyway, but so far there are no concrete signals that a major correction is upon us.
What’s more, recent concerns over China have hit the local markets there and this has weighed on global oil and base metals prices. As a result, we have seen some oil and mining companies struggle.recently. So far, the major indexes have shrugged off recession fears, but a weakening economy should mean lower profits for companies, and therefore lower share prices.
Indeed, last month saw the S&P 500 create a hammer candle on the monthly time frame after the markets rallied quite strongly in the second week of August. On the S&P 500 futures chart, the shaded grey area between 5561 to 5594 was a prior support area that gave way during Tuesday’s sharp drop. The rather large range shaded in blue on the chart between 5333 to 5451 needs to be monitored closely should we see a continuation of the correction from here.
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