Buying S&P 500 on Presidential Rally
The U.S. Presidential elections are now less than a month away, and monetary authorities are bolstering the positive momentum in the stock market by cutting interest rates by 0.50 points, despite a strong labour market. This creates an ideal scenario for many large investors, who are placing significant bets on further gains. The SPDR S&P 500 ETF Trust (SPY) has reported weekly net inflows of $19.8 billion, the highest since late June, signaling strong confidence in a continued rally. The index is aiming for a target of 6000 points. I plan to open a long position between 5670-5710 points, with a stop loss set at 5350.
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