S&P 500 Bull Market Report

S&P 500 Continues Bullish Trend: What is Driving It Up?

The S&P futures are higher up 15 points in pre-market trading. We generally see a BULLISH trend, but there factors that could derail it.  It has nearly recovered from the coronavirus crash and appears to continue an upward trend.

S&P 5003271.12Buy
Crude40.6Sell
Gold1967.32Buy
BTC/USD11225.09Buy
SectorLastCHG%CHGHighLowSignal
CONSUMER DISCRETIONARY 1145.811.28%14.441160.31135.64Buy
CONSUMER STAPLES 642.01−0.14%−0.88642.25634.3Buy
HEALTH CARE 1228.58−0.55%−6.811234.931212.97Buy
INDUSTRIALS 605.88−0.40%−2.45607.2595.87Buy
INFORMATION TECHNOLOGY 1942.392.50%47.451942.81893.97Buy
MATERIALS 379.770.11%0.43380.58374.93Buy
REAL ESTATE 224.82−0.16%−0.36225.19221.79Buy
COMMUNICATION SERVICES 191.690.77%1.47192.27188.92Buy
UTILITIES 309.120.20%0.62309.83304.67Buy
FINANCIALS 399.060.01%0.04399.25393.67Buy
ENERGY 272.09−0.69%−1.90273.99266.58Strong Sell

BULLISH Drivers – The Trump administration was said to be looking at ways to support the economy if Congress failed to reach an agreement on a stimulus package. White House chief of staff Mark Meadows said that the White House was not optimistic about a stimulus deal being agreed to in the near term.

Approximately 60% of the S&P 500 companies have reported earning and 12 of the DOW with generally positive and optimistic outlooks. Robust manufacturing data from Europe and Asia sparked increased optimism over the global growth picture.

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BEARISH Drivers: Fed Bank of MN president Neel Kashkari said the US might need to shut down its economy again, while also calling for more financial support from Congress. An additional shutdown is highly unlikely for the coronavirus, and the infection rate appears to be decreasing.

What to Watch For This Week

First, investors looking for direction, need to keep an eye on Congress and the White House. Also, any signals by the Federal Reserve as to the health of the economy. Lastly, investors need to wait for the await the release of additional earnings and the US manufacturing data to get a clearer picture as to how the economic rebound is faring.

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