Stock-Markets
Best Financial Markets Analysis ArticleOver the last couple of weeks, we have mentioned numerous times the strong correlation between the U.S stock market and certain currency pairs. Since the beginning of March 2009, stocks have rallied, restoring traders' confidence, while risk appetite has increased dramatically, pushing carry trades higher. Last week the S&P500 soared through recent resistance of 950, after approximately 40% of its components released their earnings.
While the reports weren’t overly impressive, investors pushed aside the not so good news, out of speculation that the economy could show a brighter future. The S&P500 finished the week with gains of 4.13%, while the Nasdaq soared finishing with a weekly profit of 4.7%. From a technical point of view the S&P500 broke major neckline resistance, completing its inverted Head & Shoulders pattern.
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