Market Pulse on May 9th

Olivier Rigot, EMC Gestion de Fortune

1 minute de lecture

S&P 500 2870,72 -8,70.

The stock market continues to fluctuate as a knee jerk reaction to distilled remarks around the ongoing trade talks between the US and China. The stock market sold off at the opening before rebounding late in the day and closing slightly down. We observed renewed hedging activity in the option market and although the market closed down, the tick index settled on the positive side, meaning that buyers stepped in the market at the bell. Breadth wasn’t so bad with 1369 stocks closing up on the NYSE compared to 2113 that settled down. There is a strong support in the 2775-2800 area which may well be tested soon depending on today’s outcome.

 

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