Wall Street is being controlled by the bulls, and this seems to be a long-held rally that is following technical levels at its best. The S&P 500 index is standing firm well above the 1800 level where the index was hovering at around the 1834 level where it is strongly bullish. However, the index fell down to 1807 last week, but recovered the losses the very next day to trade in this short-range in the bullish channel where bulls seem to very quite satisfied with the market.
Try and Test
The major shift in the trend does not seem to be coming any time soon, since there is no such critical fundamental coming in near future for the U.S. economy or its monetary policy. Moreover, traders who are predicting that due to poor job figures the stimulus plan might be brought back to $85 billion should not look forward to that, because the Federal Reserve most probably is going to implement the stimulus cut it decided last month and would be testing its impact on the economy overall. The trend remains bullish for the market as long as it remains above the 1800 support area.
More Rigs Installed
The oil-rig engineering company – Weird Group Plc – managed to gain around 4.2% value in their stocks as the U.S. oil & gas market is expanding where around 23 new rigs were installed that target oil and natural gas. This increase is the most in the past 9 months where the share price was surely an attractive one for the buyers to jump into it, since earnings might have a positive outcome because of this expansion.
Don’t Hold, but Buy
Luxottica’s investors must be happy as the share price rose by 4% as the company’s rating has been raised from ‘hold’ to ‘buy’ by Deutsche Bank, as the past performance in terms of credits, investment exposure, and payouts to the shareholders was noticed to be satisfactory for the company. The technical resistance area is near 41 euros a share, where currently the price is 38.9 euros where a further gain of nearly 2 euros can be seen in a few days.
To contact the reporter of this story: Jonathan Millet at email@example.com