S&P Turns LowerThe recent short trade in the S&P 500 was triggered last week with the market breaking down through the 4383.50 level, hitting the initial target at 4295.75. The rally in USD on heightened tightening expectations has seen the equities complex breaking down, taking the S&P lower. Recent hawkish comments from several Fed members has seen USD trading higher, weighing on asset prices. With both MACD and RSI bearish here, the focus is on further downside in the near term while the market holds below 4383.50, keeping 4236.50 as the next target.Key Data to WatchThe key data risk for equities this week is the September US labour reports due on Friday. The market is looking for an increase in jobs growth over the month which, if confirmed, will send USD higher, keeping equities under pressure. Aside from US data, the focus will be on broader risk flows with traders advised to keep an eye on the Evergrande crisis which holds the potential, to further weigh on risk appetite, sending equities prices lower.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/market-spotlight-s-and-p-trade-hits-first-target"
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