(SPX) S&P 500 hits another record high
The(SPX) S&P 500 climbed to another fresh record as earnings season continues to be the gift that keeps on giving. With big tech stocks, including Microsoft and Apple, announcing their corporate earnings this week, we could see an extension of gains across the board in indices. With every bull rally comes a correction, but how and when remains to be seen as the RSI remains in the overbought area. Until then, the index is heading towards 6500 with 6000 as the closest support.
GBPUSD looking for direction
Cable remains downbeat after falling from its multi-year peak at the beginning of the month. Hit and miss PMIs last week caused a pause in the comeback trail for the pound. The only saving grace was that the retail sales numbers ticked higher. Another downturn in the pound could be pivotal, potentially breaking the recent support at 1.3400 and leading to a further sell-off. Any chance of a continuation of the recent upward movement sees 1.3700 being a firm top.
USOIL remains volatile
Crude oil is looking for its next direction, as this reflects mounting concerns regarding global demand. Escalating trade tensions between the US and its trading partners are not helping, as these frictions have heightened fears of a slowdown in economic activity, lowering prospects for growth in fuel consumption. The new week brings a new month, with hopes of a revival for the black gold. 64.00 is a critical support, and 68.50 is the first resistance.
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