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S&P 500 at Record Levels. $1.9 Trillion on the Way!

   

Welcome to this week’s Market Blast Fundamentals where we will take a look at EURGBP, WTI (US Oil), Silver (XAGUSD), Gold (XAUUSD), the S&P 500 (US 500), and EURUSD.

 

Last week’s bad Employment numbers in the US sent the USD weaker and have also strengthened the case for the big Joe Biden stimulus package of $1.9 trillion.

The progress of the stimulus package has helped equities, of course, and has driven indices like the S&P 500 to record levels.Screenshot 2021-02-08 at 12.01.50

The weaker USD has slowed the decline in Gold and we see price heading back to resistance at $1830.

Speaking of metals, we looked at the rally in Silver last week and price action filled the gap on the way back.

Again, the weak USD has pushed price action back above $27.Screenshot 2021-02-08 at 12.02.05

Looking at the Weekly chart on WTI, we see that price has rebounded on COVID Vaccine optimism and production cuts, and has returned to price levels of 2019.

We see price heading back to resistance should we get a return soon to air and automobile travel soon.Screenshot 2021-02-08 at 12.02.15

As we saw last week, the Pound is still getting stronger on their successful COVID Vaccine deployment but watch for lots of market moving economic news events with Andrew Bailey speaking today and Wednesday and with Manufacturing Production and GDP figures out Friday.

Thanks for watching and don’t forget to subscribe to our YouTube Channel and register on the Valutrades website to get notifications on new content as it happens.

That’s all for now.  Happy trading with Valutrades and we will see you tomorrow.

CFDs and FX are leveraged products and your capital may be at risk.

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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