SPY-Staying bullish , AlphaOverBeta Market Outlook

Hello traders,
Market Outlook 18.05.2020
This week the stock market returned to positive territory with big technology companies leading the heard.
The stock market was up this week with the S&P 500 +3.2% to end the week at 2955.45.
Moderna ( MRNA ) was responsible for most of the earnings this week after announcing they have preliminary results for a coronavirus vaccine, this piece of news jump-started the week as the market made most of this week’s return on this day. The fed chair had its own contribution to the elevated markets reiterating the fed has not finished it’s support of the market and still has ammunition to fight this, this declaration kept the market hovering close to 3000 psychologically critical levels

AlphOverBeta Next Week Forecast
We have chartered a number of bands for the S&P500 , these bands are used for risk control and decision making.
  • 295-310 - This is the best scenario we have for the rest of 2020. This bullish range holds as long as the price is above 295
  • 280-295 - is the current locked trading range, when prices went above 295, it triggered a bullish signal in our systems.
  • 265-280 is the bearish zone.

Trade Smartly,
Alon, AlphaOverBeta


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