S&P 500 Technical Analysis | SP500 Reacts To Moderna Stock (MRNA) Vaccine Phase

In today's S&P 500 technical analysis update I discuss how the SP500 reacts to the moderna stock (vaccine news) and gilead. We also will dive into the federal reserve chairman (Jerome Powell) 60 minute speech and current Monetary Policy being used to save the economy from a depression or total Stock Market Collapse.

We will be looking at the SPX which is a s&p 500 index fund that I explain through technical analysis.

Instead of seeing the SP500 crash, I have noticed that the market gaps up significantly on news around the possibility of a vaccine. However, It feels like this news is really not as big as its being portrayed. We are in the early phases and the stocks market is moving up (melting up) from emotions and the fear of missing out (FOMO).

What happens next is anyone's guess, The stock market will eventually catch up to the economy fundamentals. It will not ignore the reality forever. But, whos to say the stock market wont melt up to make new highs in the meantime.

There is still a lot of resistance to get through. A strong bear fortress between 3000 - 3100. Till the bulls get through that? my view stays the same.

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60 Minutes Jerome Powell:
https://www.cbsnews.com/video/jerome-powell-federal-reserve-economic-crisis-coronavirus-pandemic-60-minutes/

Mentioned Articles:
- https://www.cnbc.com/2020/05/18/trump-says-he-takes-hydroxychloroquine-to-prevent-coronavirus-infection.html

- https://www.gilead.com/news-and-press/press-room/press-releases/2020/4/gilead-announces-results-from-phase-3-trial-of-investigational-antiviral-remdesivir-in-patients-with-severe-covid-19

- https://www.cnn.com/2020/05/18/health/coronavirus-vaccine-moderna-early-results/index.html

#SP500 #TechnicalAnalysis

DISCLOSURE: I am not a professional investment advisor, nor do I claim to be. All my videos are for entertainment and educational purposes only.