S&P 500 (SPX) Forecast

The S&P 500 has rallied again Wednesday as we continue to see the US dollar get hammered. This is about cheap money more than anything else as usual.

The breakout above the early June highs has been more than confirmed, and the mid-Feb gap’s upper border at around 3335 is the bulls’ next objective.

Which stocks could magnify S&P 500’s gains in case it rallies? Take a look at a part of our Stock Pick Update.

In today’s Daily Briefing, Tomasz found those amazing setups we thought you’d find interesting! Gold, indices and currencies technical analysis.

Walt Disney Co, a family entertainment company, said its net income declined sharply in the third fiscal quarter that ended in June due to the COVID-19 pandemic that shut down parks, sporting events, resorts and movie theatres, but saw a rise in Disney+ streaming subscribers to 60.5 million.

Home prices rise at the fast pace in 7-years

The direction of the September E-mini S&P 500 Index into the close is likely to be determined by trader reaction to 3288.50.

The S&P 500 has dipped a little bit during the early part of the Tuesday session only to find buyers yet again. This has been a one-way trade for some time.

KKR & Co Inc, an American global investment company that manages multiple alternative asset classes, reported that its second-quarter after-tax distributable earnings per adjusted remained flat compared to last year and net income surged 36% to $698.6 million, sending its shares up over 2%.

The bulls are showing real staying power above the early June highs as Friday’s bearish candle marked not a upcoming downside reversal, but a bullish comeback.

Continental Resources Inc, an American petroleum and natural gas exploration and production company, reported a net loss of $239.3 million in the second quarter as the COVID-19 pandemic cut fuel demand and hammered oil prices, sending its shares down about 1% in after-hours trading.

ISM manufacturing accelerates in July

The main trend is up according to the daily swing chart. The uptrend was reaffirmed when buyers took out the last main top at 3284.50.

The S&P 500 had another bullish session on Monday early, as we have seen a continuation of buyers on dips. The last couple of days have been a huge hint.

Walt Disney is expected to report weak revenue and a sizable loss in Tuesday’s release.

Just as I called for, the bulls are winning in the battle to break above the early June highs lastingly.

Clorox, a $9 billion market cap consumer products company, reported that its sales surged 22% in the June quarter, including double-digit growth across all reportable segments as people spent more time cleaning and disinfecting their homes due to the COVID-19 pandemic, sending its shares up over 1% pre-market trading.

Marathon Petroleum announced that it has entered into an agreement with 7-Eleven, a wholly-owned indirect subsidiary of Seven & i Holdings, to sell its Speedway gas stations in the United States for $21 billion in cash.

“I think the positives continue to outweigh the negatives, and therefore I remain constructive on stocks and other risk assets in general. But my conviction is much lower now than it was a few months ago when market history told a more consistent story,” Fidelity’s Global Asset Allocation Division director

Several studies indicate the coronavirus death rate is much lower than initially predicted. Some suggest a death rate less than 1%, and potentially as low as 0.5% – consistent with a deadly flu season.