As a result, a pullback appears possible. In the short term, investors may look for key momentum support around 28,000 points (trendline) and 27,000 points (price action). On the other hand, if the upward move continues, a test of the 30,000 level could be a matter of weeks. This would likely require lower oil prices and increasing expectations of interest rate cuts following Kevin Warsh taking leadership at the Federal Reserve.
US100 (D1 interval)
Source: xStation5
Importantly, valuation multiples of companies within the index still appear subdued—mainly due to recent declines in the software sector and a strong earnings season. Combined price-to-earnings, price-to-sales, and price-to-book ratios remain at historically low levels.
Source: Bloomberg Finance L.P.
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