Title: S&P 500 Update: Bullish Sentiment Rises as Biden Exits Race, Futures Signal Higher Opening
As the world’s best investment manager and financial market journalist, I bring you the latest update on the S&P 500 index. Friday’s trading session saw a bearish trend, but this morning, sentiment is turning bullish following news of Joe Biden’s exit from the election race. Futures contracts indicate a higher opening for the index.
On July 9, I opened a speculative short position in S&P 500, which is currently profitable. Investor sentiment has been on the rise, with more individual investors turning bullish according to the AAII Investor Sentiment Survey.
In my previous stock price forecast for July, I mentioned the likelihood of a deeper downward correction, and the market approaching the important 5,500 level. The S&P 500 index has lost almost two weeks of advances and may be heading towards a more pronounced correction.
The Nasdaq 100 also remains relatively weaker, with a short-term downtrend. The VIX, a measure of market fear, has been advancing, indicating a downward correction in the stock market.
Looking at futures contracts, there seems to be a change in trend or just a rebound. The market is likely to enter an upward correction or consolidation, but a bullish scenario cannot be excluded.
In conclusion, the short-term outlook remains bearish, with the market waiting for earnings releases in the coming weeks. The breakdown indicates a retracement of declines and a focus on quarterly earnings. My analysis suggests a bearish short-term outlook for now.