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S & P 500 chart.
US stocks rose confidently on Wednesday, breaking the more-than-a-week decline in indices. Dow increased by 0.7%, while Nasdaq and S&P 500 gained 0.8% and 0.85% respectively. Apparently, large funds resumed purchases from the 50 MA in expectation of continued growth in the market.
Meanwhile in Europe, the ECB was forced to make excuses for inflation as it jumped sharply to 3% this August. Earlier, it claimed the surge was only short term, assuring citizens that it does not need to change its soft policy. But now inflation has exceeded 2% for quite a long time, mainly due to strong price increases in energy supplies. Gas prices on the spot market really went crazy as it almost reached $ 1,000 ($ 960 yesterday). Fortunately, it rolled back to $ 800.
Oil prices have also been growing in recent days, albeit not as rapid as gas prices. Brent exceeded $ 75 and rose to $ 75.60 for the first time since July 14. It soared amid a 6.4 million b/d decline in US inventories.
UN experts also raised their forecast for global economic growth in 2021 to 5.3%, which is the highest rate in 50 years. The reasons are aggressive support from large central banks and the success of vaccinations in developed countries.
With regards to the coronavirus, there was another increase in the amount of new cases to 563,000. The US accounted for approximately 164,000, so there is a chance that they will tighten sanitary measures again.
Going back to the markets, the S&P 500 valued 4.480 points, ranging from 4.440 to 4.500. Most likely, investors were encouraged by the increase of US industrial output to 5.9%, even though the growth rate is obviously slowing down.
And today, the market will move again depending on the report on retail sales, which is expected to decline by 0.5%. There will also be a report on US employment.
Another important news was the statement of the FDA that the vaccines currently in use in the United States provide sufficient protection against severe COVID-19 cases. This is in response to US President Joe Biden's call for a third vaccination (called a booster).
Talking about dollar, it dropped slightly to 92.50 points yesterday and ranged from 92.20 to 92.80. It remains in a tight range and is likely to stay there until the Fed meeting on September 22.
As for USD/CAD, price fell to 1.2630, ranging from 1.2550 to 1.2700. The inflation rate in Canada grew almost the same as in the US - + 4.1%. But it seems that the pair is ignoring the new rise in oil prices for now.
Conclusion: Although the US market formed a strong bottom, it is unlikely that stocks will hit new highs. A range before the Fed meeting is more likely.
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