S&P 500 Technical Analysis – We reached a key level ...Middle East

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S&P 500 Technical Analysis – We reached a key level
Fundamental OverviewThe S&P 500 finally erased the entire drop from the last ISM Manufacturing PMI as the market faded the “growth scare”. The first catalyst was the good US Jobless Claims on the 8th of August as that quelled the fears on a deteriorating labour market triggered by the weak NFP report. Last week, we got even better Jobless Claims figures and a great Retail Sales report which increased the bullish momentum. The market’s focus is now clearly on growth. This week, we will have two key events. The first will be on Thursday as we will get the release of the US Flash PMIs for August and that will be kind of a test for the thesis that the July data was negatively affected by Hurrica

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