S&P 500 Fundamental Forecast – September 12, 2016

The S&P 500 continued to trade in a holding pattern remaining near its record high but unable to move outside of its level. The lower US dollar has done little to support price moves. Wall Street look set for a downbeat open Friday, as investors wait to hear from a clutch of Federal Reserve officials, getting in comments before the next meeting blackout kicks in.

The muted mood follows declines for European and Asian markets, which were unsettled by North Korea’s confirmation that it has successfully carried out a fifth nuclear test. Another factor was a pullback in oil prices, coming after a rally Thursday on the back of a surprise decline in U.S. crude stockpiles.

Several Fed officials to speak Friday, before the September policy meeting blackout. Boston Fed President Eric Rosengren — a voter on the Fed’s interest-rate setting board, at the South Shore Chamber of Commerce in Boston.

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Upcoming Economic Events that you should be monitoring:

 September 12, 2016

Government Bond Auctions

Date Time Country Auction

Sep 12 11:30 Germany Eur 2bn Mar 2017 Bubill

Sep 12 13:00 Norway Details of bond auction on Sep 14

Sep 13 11:00 Netherlands Eur 2-3bn 0% Jan 2022 DSL

Sep 13 11:10 Italy Holds bond auction

Sep 14 11:05 Norway Holds bond auction

Sep 14 11:30 UK 0.125% 2046 I/L Gilt

Sep 14 11:30 Germany Eur 1bn 2.5% Jul 2044 Bund

Sep 15 10:30 Spain Holds bond auction

Sep 15 11:03 Sweden Holds I/L bond auction

Sep 15 11:50 France Holds bond auction