- The S&P 500 index is 0.07% higher on Tuesday as the major US bourses are mixed.
- Mosaic are the outperformers jumping 15% after their latest earnings call.
S&P 500 hourly chart
The S&P 500 is trading higher on Tuesday but only just as it has been a lacklustre session all round. Some of the other US bourses are not fairing soo well as the Nasdaq composite trades 0.49% lower. The top performer in the S&P index is Mosaic (NYSE:MOS) who posted an EPS of 11 cents on revenue of USD 2.04 billion for the quarter compares to an expected loss per share of 1 cent and revenue of USD 1.4 billion. The firm also racked up net sales of USD 2 billion, and finished goods sales volume increased by 16% Y/Y.
Looking closer at the chart and the market has managed to hold above the 3,293.00 support are marked in red. If the market continues to hold above this area and breaks above the wave high at 3,307.25 then the next major resistance is the pre-coronavirus market high.
The indicators are slightly mixed at the moment. The MACD signal lines are above the zero area but the histogram is still red. The histogram looks like it might be making a bullish turn soon though. The Relative Strength Index is also above the 50 area and could move to the overbought zone soon.
Overall the market is still in a decent uptrend. It seems like the bulls are determined to get to the pre-COVID-19 highs. If the fiscal stimulus bill get passed there could be enough bullish momentum to reach the zone.
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