Although there is a “record breaking hike” of “small business confidence”, S&P 500 is not responding to the readings. Job creation and job openings were always contributing factors, yet market remains unresponsive. Consumer Confidence survey is due in Friday.
The NFIB Index Reports
The NFIB index has been jumped to a record breaking 35 year highs, on September 11th, 2018. The reading has surpassed the 108.8 and the anticipation was at 108.1 mark. It climbed past the July 1983 record 108. The number actually was driven by the spending plans of business owners, due to a dramatic alternation in the economic policy of Trump Administration. However, the unaltered testimony of NFIB President and CEO says,
“today’s groundbreaking numbers are demonstrative of what I’m hearing every day from small business owners – that business is booming. As the tax and regulatory landscape changed, so did small business expectations and plans”
- As the landscape has been changed and “global economic outlook” is showing “a new and altered light of dawn”, at any moment, “the positive momentum” would have started for S&P.
- 10% of all owners are saying that they have higher sales in the last three months and there are certain plans for increasing employment.
All of it could have pushed the S&P 500, yet when a wind will start howling in the positive direction, that is quite uncertain.
S&P 500 Outlook
Here is how S&P stands, September 11th, 18.00 GMT
At this moment, the US economic machine looks like, it is never going to stop and the gun firing will not be stopped until China falls back.
Please look closely at the graph below and you will soon find out where we are expecting S&P 500 to be.
The positive data might have yet to start a fire-breaking cougar-run, but, all the US equities are in the green zone and S&P might launch a “strength show-off” pretty soon.
S&P Technical Overview
Read more about the Gold Rebound here.
Disclaimer: The content of this article is personal opinion and should not be considered as as investment advise or suggestion towards any trading activity.