$SPX #SP500 New all-time highs on Vaccine Progress
Last week I've tried to post this chart, but then I switched off and forgot. As usual, I prefer to keep every single line and details on it.
Pfizer and BioNTech announced positive efficacy results from their Phase 3, late-stage study of a potential COVID-19 vaccine. The vaccine candidate was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis.
The results demonstrate that the vaccine can help prevent COVID-19 in the majority of people who receive it. This means one step closer to potentially providing people around the world with a much-needed breakthrough to help bring an end to this global pandemic. This is a first but critical step to deliver a safe and effective vaccine, but again "one step closer" in the testing process.
In fundamental terms, nothing new. We've seen positive expectations that are currently driving the markets but the reality is we have no clue if our expectations will be met with reality after all. However, Mr Joe Biden won this election and statistics show the first years of Presidential terms the S&P500 has average gains of 18.6% since 1986, so maybe we have very good news ahead and actually, I do believe the markets are sharply higher because of Biden and Vaccine, and more because of Biden than the vaccine, at the end of the day, whether Biden has a successful plan or not, such a plan is better than nothing or an expected vaccine only, which is many months ahead. The uncertainty isn't over yet, Trump won't concede, perhaps has a card hidden under a sleeve (watermark).
In Technicals, the S&P500 broke a nice triangle with an initial reaction (BO) running for new all-time highs but this year we used to see thousands of fake BO, so it won't be rare if the price comes back into the triangle, however, the triangle shapes 388 points that could lead other 388 points up or down.
Odds and targets: Long, target 1: 3,677, target 2: 3,910 / 4,000 points. Short, tartget 1: 3,444, target 2: 3,323, target 3: 2,909.
Have a good and profitable trading week.
Creamlivetrading
Pfizer and BioNTech announced positive efficacy results from their Phase 3, late-stage study of a potential COVID-19 vaccine. The vaccine candidate was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis.
The results demonstrate that the vaccine can help prevent COVID-19 in the majority of people who receive it. This means one step closer to potentially providing people around the world with a much-needed breakthrough to help bring an end to this global pandemic. This is a first but critical step to deliver a safe and effective vaccine, but again "one step closer" in the testing process.
In fundamental terms, nothing new. We've seen positive expectations that are currently driving the markets but the reality is we have no clue if our expectations will be met with reality after all. However, Mr Joe Biden won this election and statistics show the first years of Presidential terms the S&P500 has average gains of 18.6% since 1986, so maybe we have very good news ahead and actually, I do believe the markets are sharply higher because of Biden and Vaccine, and more because of Biden than the vaccine, at the end of the day, whether Biden has a successful plan or not, such a plan is better than nothing or an expected vaccine only, which is many months ahead. The uncertainty isn't over yet, Trump won't concede, perhaps has a card hidden under a sleeve (watermark).
In Technicals, the S&P500 broke a nice triangle with an initial reaction (BO) running for new all-time highs but this year we used to see thousands of fake BO, so it won't be rare if the price comes back into the triangle, however, the triangle shapes 388 points that could lead other 388 points up or down.
Odds and targets: Long, target 1: 3,677, target 2: 3,910 / 4,000 points. Short, tartget 1: 3,444, target 2: 3,323, target 3: 2,909.
Have a good and profitable trading week.
Creamlivetrading
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