S&P 500 and Nasdaq on New Records Ahead of Jackson Hole Symposium

Investors Lock Gaze on Fed Powell’s Jackson Hole Speech

The US dollar traded lower against all the other G10 currencies on Wednesday and during the Asian morning Thursday. It underperformed the most versus NZD, NOK, AUD, and GBP in that order, while it lost the least ground against EUR and CHF.

S&P 500 — Technical Outlook

Looking at the S&P 500 cash index on our 4-hour chart, we can see that it continues to balance above a couple of short-term tentative upside lines. One is taken from the low of July 30 thand the other one, slightly steeper, is drawn from the low of August 21 st. If the price remains above that steeper upside line, then we will stay positive, at least with the near-term outlook. But if that upside line gets broken, we will consider a larger correction lower towards the other above-mentioned upside line.

USD/CAD — Technical Outlook

Despite continuing to trade below its short-term downside resistance line taken from the high of July 14 th, USD/CAD is still struggling to move below one of its key support areas, at 1.3133. Although the trend is still to the downside, in order to get comfortable with further declines, a drop below that 1.3133 area would be needed.

As for the Rest of Today’s Events

The 2nd estimate of the US GDP for Q2, initial jobless claims for last week, and pending home sales for July are on the schedule. The 2nd estimate of the US GDP is forecast to show a modest upside revision to -32.5% from -32.9%, while initial claims are forecast to have declined to 1.0mn from 1.106mn the week before. Pending home sales are expected to have slowed to +3.0% mom from +16.6% in June.

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