The S&P index ended higher Wednesday, gaining 1.39%. The S&P has gained 1.10% and is currently closed at 3,852. Most sectors finished up for 20th January in the first day of President Biden. The Real Estate sector faired the best out of all sectors over the 5 trading days including Wednesday’s session gaining a total of 3.76%. We could have bullish movement of SPX in this channel in the next couple of days and could see 3900.
Correlation
The table below shows correlation between the US stock indexes and different financial assets, commodities and currencies exchanges. Some explanation from the table:
- It is obvious the SP500 and Dow Jones Industrial Average has strong correlation between each other(0.97).
- There is the highest relationship between the Canada exchange (CADUSA) and Oil price and the S&P 500.
- In recent months, the Bitcoin’s price(BTSUSD) has been increasingly correlated with the S&P 500(0.79).
- Recently relationship between the price of GOLD and the S&P 500 weakened in comparison to the first five months but still positive.
