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S&P 500: Upside risks intact

Hi there traders, this is Steve Miley for forextraders.com. I’m now looking on our focus here on the equity markets. Very much a driver of global asset classes, the equity markets, throughout August in here with this very volatile activity.

The big sell-off, the big risk-off move with the escalations in the trade war at the beginning of the month then the re-bound then very very very very erratic activity in here throughout August and particularly at the end of last week, beginning of this week with the further escalation in the trade negotiations trade war. Higher tarrifs and kind of a truce and then the market has had a rebound in here. Choppy activity throughout this week for the here the S&P 500, the benchmark average in the US and really underscoring what’s going on across broader equity markets in the US and Europe.

Markets very indecisive in here but we still see an underlying, slightly positive tone going into today. The markets repeatedly rebounding, again yesterday and previous days, so Tuesday and Wednesday we’ve had set backs and rebounds, set backs and rebounds and the market holding in here overnight and we do see upside threat going into Thursday and Friday in here for the S&P 500 back up towards 2899.50 through 2900, maybe back towards 2920. 2944.25 in here on the upside is our key level to monitor. This has been Steve Miley for forextraders.com and I wish you a great trading day.

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