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S&P 500 Needs a Sustained Move Above This Key Resistance to Keep Rally Going

S&P 500 News

S&P 500 Needs a Sustained Move Above This Key Resistance to Keep Rally Going
DAX, NASDAQ Composite
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Stocks Analysis by Investing.com (Damian Nowiszewski) covering: S&P 500, DAX, NASDAQ Composite. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com

The S&P 500 is testing a critical supply zone at 5550 points, with a breakout potentially targeting new highs.

Last week's market downturn, sparked by concerns over a potential US recession, has abruptly reversed course. After positive economic data, investor sentiment has shifted, propelling stocks higher.data came in slightly better than expected, it's the overall improvement in market sentiment that's driving the current rally. The initial fear of a recession appears to be subsiding, allowing investors to focus on potential upside opportunities in the market.

In the medium to long term, the sustainability of these gains will hinge on upcoming key U.S. economic data.

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