bull market

Stock Market and Oil Prices Continue Climbing

The S&P 500 index reached an all-time high at 3450.0 during trading yesterday. The index continues to grow actively, breaking the global high this week and trading at 3440.0. The asset’s growth is facilitated by the positive reporting of most of the components. Salesforce.com, Sprint Corp. and Best Buy Co. provided their reports this week. Salesforce.com has shown excellent results during the pandemic: revenue grew to USD 5.15B against USD 4.87B a quarter earlier. Sprint Corp. showed revenue at USD 17.665B, exceeding USD 17.460B a quarter earlier. Best Buy Co. recorded revenue at USD 9.91B, well above USD 8.56B a quarter earlier.

Among the components of the index leading in growth, Gap (+10.39%), J.M. Smucker (+6.87%), Amgen (+5.37%) stand out. Best Buy Co. (–4.03%), Exxon Mobil (–3.17%) and Phillips 66 (–3.17%) stand out among the leaders of the decline.

Support and resistance

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Index quotes continue to trade within the global ascending channel and are at historical highs at the level of 3443.0. Technical indicators continue holding a steady buy signal. The range of EMA fluctuations on the Alligator indicator continues to expand, and the histogram of the AO oscillator is trading in the positive zone above the zero level. In the current environment, continued growth is the most likely scenario.

Resistance levels: 3450.0, 3500.0.

Support levels: 3430.0, 3390.0.


Oil Prices

Oil prices are trying to rise. The quotes are supported by an 84% decline in oil production in the Gulf of Mexico due to the actions of Hurricane Marco and Tropical Storm Laura. At the moment, the work of about 300 platforms has been stopped, the personnel has been evacuated. Also, prices are supported by the data of the API report, according to which oil reserves in the United States fell by 4.524 million barrels, which is more than the market expected. Investors are awaiting the publication of a corresponding report from the EIA today. Stocks are expected to decline by 3.694 million barrels. The forecast implementation may provide additional support to oil prices.

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