If the market breaks above that, then it will signal that a new leg higher is under way,” Paul Robinson, a market analyst at DailyFX, told MarketWatch.
As Robinson reckons, unless the market decisively shifts lower, investors should prepare themselves for the new rally.
At the same time, it also shows where resistance will emerge when the market attempts to test higher.
Furthermore, even if the excitement over Trump’s tax cuts, which he promised to unveil next week, isn’t enough to rejuvenate the market, Robinson still expects the market’s slide to end around 2,300.
Time may be running out for market bears.
As it stated in
The resilient stock market may be lulling investors, BlackRock warns
Le Pen advocates leaving the European Union, like Britain is in the process of doing.
Far-right leader Marine Le Pen, far-left firebrand Jean-Luc Melenchon, conservative Francois Fillon, and centrist Emmanuel Macron were all in the margin of error in the latest polls.
“If we were to see a Le Pen administration, that would raise the risk … of a French discussion about the EU,” Koesterich said.
“On the one hand the S&P 500 is not that far from its all-time high,” said Koesterich, portfolio manager of BlackRock’s $47 billion Global Allocation Fund.
But a near-term question hanging over the market is this weekend’s first-round voting in the French presidential election, he said.
As it stated in
After Thursday’s rally, the market begins the day mixed By Ovunc Kutlu NEW YORK The stock market opened mixed on Friday.
The Dow rose 1 point to begin trading at 20,580 points, while the S&P 500 lost almost 2 points to 2,353.
The Nasdaq decreased 7 points to begin the last trading day of the week at 5,909.
The three main indexes rallied Thursday, after Treasury Secretary Steven Mnuchin said that the tax reform legislation would come “very soon”.
On Thursday, the Dow added 174 points to finish at 20,578 and the S&P rose 17 points to end the day at 2,355, while the Nasdaq increased 53 points to close at 5,916 — its highest level ever.