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S&P500: Returns upward trend _11/05/2016

Technical analysis and trading recommendations -

Overview and Dynamics

To date, the S&P500 is fully regained all the losses incurred since the beginning of the year. Positive medium-term dynamics of the index and the growth is likely to remain at the background of subdued expectations about interest rate rises in the United States.

Rising oil prices Tuesday contributed to the growth of the US stock market and the growth of stock indices. So, Dow Jones Industrial Average on the basis of trades rose by 222.44 points, or 1,3%, Nasdaq Composite - at 59.67 points, or 1,3%, S&P500 - at 25.70 points, or 1.2%. Recently, after a sharp drop and recovery in this year's daily changes in stock indexes were small, no more than 1% on average. Therefore, yesterday's growth stands out, and in percentage terms was the strongest since March 11th.

Severe fires in Canada have forced some companies, the leading mining in the region, lower oil production, which accounted for over 25% of the pan-Canadian oil production. Canada is the largest supplier of oil to the world market, and in proven reserves of crude oil is the third in the world after Saudi Arabia and Venezuela. The decline in oil production in Canada totaled about 1.6 million barrels a day, or more than 1% of the global supply. At the same time, Canada is a major exporter of oil to the US.

The rise in prices for shares of energy companies included in the S & P500, amounted to 1.8%, more than in any other sector. All 10 sectors as a part of S&P500 index rose on Tuesday.

Today, the economic news calendar meager. According to yesterday's report of the American Petroleum Institute (API), released late in the evening, US crude stocks rose by 3.4 million barrels to a new historic high. Today at 14:30 (GMT) Ministry of Energy report is supposed to be about the growth of oil reserves last week to 714,000 barrels.

Growth of oil will curb rising oil prices. However, most likely, after yesterday's strong growth should be expected to reduce the S&P500 index on profit and decrease of oil prices in anticipation of the publication of the US data on oil stocks.

The growth of gold prices today and the demand for the yen also indicate the propensity of investors to risk avoidance and purchases of risky assets the stock market.

Wednesday, 11 May, 2016 / 11:01

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