On Thursday, the S&P 500 Index managed to experience a local change in sentiment, which developed after the publication of corporate reports; in the course of the day, the index added another 0.7%. Now the index has reached 1,400 points, which, in turn, has allowed futures contracts to gain a foothold above the critical resistance range.
However, optimists should still not relax. Spain’s downgrade by the Standard & Poor's agency has not gone unnoticed, despite what had seemingly appeared to be an already built-up immunity to the worsening of the euro crisis. As a result, this morning, futures on the S&P 500 are down by about 0.5% and are testing the newly-achieved levels.
Thus, despite a good start to the Ukrainian quarterly reporting season, subsequent growth of stocks will depend on the struggle occurring on U.S. indexes to maintain the newly-won levels. If buyers come out of this struggle defeated, nobody should hold their breath for the Ukrainian market to grow. In that case, at best, the UX Index should experience less of a decline than its foreign counterparts.
