All eyes on today’s S&P500 close

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The market will be closely watching the S&P500 close today to see if we can close at all time closing highs. The previous record closing high was 1669.16 from May 21 and after having recently traded above this level the index was last 1668.63.

Equity markets have received a boost after Ben Bernanke reassured markets that monetary policy would remain accommodative for the time being.

Author: Kyle Shortland

Kyle Shortland has nearly 20 years of investment management and financial markets experience and currently produces Asian FX technical analysis for MNI. Before joining MNI Kyle spent 3 years as a Foreign Exchange Analyst for Thomson-Reuters IFR Markets product. Kyle’s previous roles included tactical asset allocation and the development and management of model equity, commodities and foreign exchange portfolios for various Australian banks and funds. Kyle originally gained his experience in the FX markets as a spot trader with Colonial State Bank in Sydney Australia. Kyle holds a Masters of Applied Finance degree from Macquarie University, and a Bachelor of Commerce degree from Newcastle University.

2013-07-11T17:35:19+0000

All|Americas|Market Rumors|Regions

S&P500|US Equity Markets

Kyle Shortland

4 Comments

  1. I think the more important level is 1,685.75, the recent high in the S&P 500 futures. That and 1,700 (big round figure) will be tough.

  2. last word on BB before i take my meds, Kyle………if anyone was really wondering if the FED has QE targeted at raising employment numbers then Santelli does make the case pretty simple.

    check out the chart comparing corp profits to the percentage of the US population with a job

    http://www.zerohedge.com/news/2013-07-11/rick-santelli-rages-who-bernanke-working

  3. 100% a valid reason and Bernanke actually said that the 6.5% rate may not be a good view of the employment market. He may be hinting that policy could shift toward the U6 rate or toward the labor force participation rate in the coming future. Two things to watch there in respect to their divergences with the regular unemployment rate.

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