Furthermore, the Bank of England also cut down its outlook, citing slower growth for 2019–its slowest pace in a decade.
U.S. equities have been buoyed by better-than-expected earnings reports, but some analysts feel that the upside thus far in 2019 could be only temporary. Investors could expect sideways, rangebound market movement for the rest of 2019.
“The S&P 500 recovery has extended to key resistance from its 200-day average and late 2018 highs at 2742/2815. We look to fade the recovery here, and for this to define the top of a potentially lengthy sideways range,” said David Sneddon, managing director at Credit Suisse, in a note.
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