With yesterday's close, the S&P 500 has risen by over 20% from its October 2022 low, officially entering a bull market, says Axel Rudolph, Senior Market Analyst at online trading platform IG.
S&P 500 enters a bull market but is it a buy here?
“Despite the S&P 500 officially entering a bull market by rising by over 20% from its October low it is risky to start buying at a time when the CBOE volatility index (VIX) has sunk to pre-Covid-19 lows and the CNN Fear & Greed index has swung to "extreme greed". European indices end the week on a much more subdued note.
What will next week's central bank meetings bring?
“This week's surprise rate hikes by the RBA and BoC are unlikely to be replicated at next week's Fed, ECB and BoJ monetary meetings. Except for an expected 25 basis-point rate hike by the ECB to 3.50%, the other two central banks are likely to keep to the status quo. Nonetheless US inflation data may add some volatility to the mix.”
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