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S&P 500 Weekly Fundamental Analysis – week of May 30, 2016

By:
Barry Norman
Published: May 28, 2016, 05:35 UTC

The S&P 500 ended the week on a high note after a speech by Janet Yellen. The index closed at 2091.80 seeing a weekly gain of 2.28%. Wall Street held

S&P 500 Weekly Fundamental Analysis – week of May 30, 2016

The S&P 500 ended the week on a high note after a speech by Janet Yellen. The index closed at 2091.80 seeing a weekly gain of 2.28%. Wall Street held on to gains Friday to finish sharply higher for the week, as investors came to terms with the possibility of a summer interest rate increase after comments from Federal Reserve Chair Janet Yellen.

The Standard and Poor’s 500 Index rose 8.96 points or 0.4% to close at 2,099.06, the highest settlement of the month. For the week, the S&P 500 closed up more than 2%, marking its best weekly performance since March.

This week’s positive settlement was mostly attributed to large rallies on Tuesday and Wednesday, as the major stock indexes returned to their familiar ranges after heavy selloffs in previous weeks.

The S&P 500’s relative strength index is at 61, confirming a short-term uptrend. However, a consistent rally north of 2,100 could prove difficult as investors continue to lack a fundamental trading catalyst to justify higher highs for the large-cap index.

Investors assessed stronger than expected economic data ahead of a revised GDP report and fresh remarks from Federal Reserve Chair Janet Yellen.

FxEmpire provides in-depth analysis for each asset we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports, which covers the current week and are published by Sunday before the new week begins. Daily we share any new events, forecasts or analysis that affect the current day. To achieve a full accurate understanding it is important that you study all of our data and analysis as a whole. Please click on the links to find the most recent reports for this asset.

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Major Economic Events for the week:

Time Cur. Event Actual Forecast Previous  
Monday, May 30, 2016
      United Kingdom – May Bank Holiday
      United States – Memorial Day
Tuesday, May 31, 2016
    EUR CPI (YoY) (May)   -0.1% -0.2%  
    CAD GDP (MoM) (Mar)   -0.1% -0.1%  
    USD CB Consumer Confidence (May)   96.0 94.2  
Wednesday, June 1, 2016
    CNY Manufacturing PMI (May)   50.0 50.1  
    AUD GDP (QoQ) (Q1)   0.6% 0.6%  
    CNY Caixin Manufacturing PMI (May)   49.3 49.4  
    GBP Manufacturing PMI (May)   49.6 49.2  
    USD ADP Nonfarm Employment Change (May)   180K 156K  
    USD ISM Manufacturing PMI (May)   50.5 50.8  
Thursday, June 2, 2016
    AUD Retail Sales (MoM) (Apr)   0.3% 0.4%  
    GBP Construction PMI (May)   51.9 52.0  
    EUR Interest Rate Decision (Jun)        
    USD ADP Nonfarm Employment Change (May)   175K 156K  
    USD Crude Oil Inventories     -4.226M  
Friday, June 3, 2016
    GBP Services PMI (May)   52.5 52.3  
    USD Nonfarm Payrolls (May)   161K 160K  
    USD Unemployment Rate (May)   4.9% 5.0%  
  USD ISM Non-Manufacturing PMI (May)   55.5 55.7

 

 

 

 

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