[ad_1]
Written by Axel Rudolph, Senior Market Analyst at IG
Commerce Smarter – Join the DailyFX Publication
Obtain well timed and compelling market commentary from the DailyFX group
Subscribe to Publication
S&P 500 nears its January 2022 all-time report excessive
The S&P continues to grind increased and is on observe for its ninth consecutive week of features and fifth straight constructive day as Wednesday’s US Treasury public sale went nicely and pushed yields decrease and fee reduce expectations ahead to March of subsequent yr.
The index is getting ever nearer to its all-time report excessive, made in January 2022 at 4,817, regardless of being probably the most overbought since 1991. Almost 50% of S&P 500 shares commerce above the 70% overbought degree on their 14-day easy transferring averages (SMA).
Potential slips ought to discover help round final week’s excessive at 4,778 with additional help being discovered between the November and mid-December 2021 highs at 4,752 to 4,743.
DAILY S&P 500 CHART
Chart Ready by Axel Rudolph
Nasdaq 100 trades in new all-time report highs
The Nasdaq 100’s rally off its late October low is in its ninth consecutive week of features with it approaching the minor psychological 17,000 mark which can, no less than short-term, act as resistance.
On the information entrance are the US items commerce steadiness, preliminary jobless claims, wholesale inventories and pending residence gross sales in addition to EIA crude oil inventories which can add a little bit of volatility to inventory indices and the oil worth amid low quantity end-of-year buying and selling.
Potential help is seen round final week’s 16,863 excessive.
DAILY NASDAQ 100 CHART
Chart Ready by Axel Rudolph
component contained in the component. That is in all probability not what you meant to do!
Load your software’s JavaScript bundle contained in the component as a substitute.
[ad_2]
Source link
