S&P 500 Fundamental Forecast – June 10, 2016

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Published: Jun 9, 2016, 10:46 GMT+00:00

The S&P 500 gained a few points in overnight trading as the dollar recovered and oil prices remained at recent highs. Markets are the whole are in

S&P 500 Fundamental Forecast – June 10, 2016

The S&P 500 gained a few points in overnight trading as the dollar recovered and oil prices remained at recent highs. Markets are the whole are in risk off mode after the World Bank cut global growth and Chinese inflation data printed lower than expected. The index is trading at 2119.12 remaining near its 2016 high. Wednesday on Wall Street, the Dow Jones industrial average jumped 66.77 points at 18,005.05, the broader S&P 500 composite index advanced 6.99 points to 2,119.12 and the NASDAQ composite gained 12.89 points to 4,974.64.

At the 2016 market low on Feb. 11, the bull was down 14.2% from its record high. Pretty much everyone on Wall Street figured the bull was done and the first bear market since 2009 was coming soon.

But the bull rebounded. And stealing a line from the Grateful Dead song Shakedown Street, here’s a shout out to the resilient Wall Street bull: “Don’t tell me this (bull) ain’t got no heart.”

Indeed, this bull never says die. It has now lasted 2,647 days, according to S&P Dow Jones Indices. And if it can close above its previous record high, it will officially take its place as the second-longest running bull ever.

The longest and best-performing bull market dates back to the 3,452-day run that began in October 1990 and ended in March 2000 — when the Internet stock bubble burst and ushered in a brutal two-year market downturn.

The bull is just one rally away from making history. And Wall Street will be able to enjoy this one, especially after suffering through the worst start to a year ever in 2016 according to USA today.

FxEmpire provides in-depth analysis for each asset we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports, which covers the current week and are published by Sunday before the new week begins. Daily we share any new events, forecasts or analysis that affect the current day. To achieve a full accurate understanding it is important that you study all of our data and analysis as a whole. Please click on the links to find the most recent reports for this asset.

Upcoming Economic Events that you should be monitoring:

Friday, June 10, 2016

Cur.	Event	Actual	Forecast	Previous
	China – Dragon Boat Festival
NZD	Electronic Card Retail Sales (MoM)			0.9%
JPY	Tertiary Industry Activity Index		0.7%	-0.7%
CAD	Employment Change (May)		3.8K	-2.1K
CAD	Unemployment Rate (May)		7.1%	7.1%
USD	Michigan Consumer Expectations		83.8	84.9
USD	Michigan Consumer Sentiment (Jun)		94.0	94.7
USD	Baker Hughes U.S. Rig Count			325
USD	Federal Budget Balance (May)		-60.0B	106.0B