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SP500 gained ground as traders focused on the encouraging PCE Price Index report, which showed that PCE Price Index declined from 3.8% in May to 3.8% in June. Intel, which was up by 5.5% after the earnings report, was among the biggest gainers in SP500 today.
Traders have used yesterday’s pullback as an opportunity to increase their long positions. The market sentiment remains bullish, and SP500 has settled near yearly highs. From the technical point of view, SP500 is trying to settle above the resistance in the 4575 – 4600 range. RSI is in the moderate territory, so there is enough room to gain additional upside momentum.
NASDAQ rallied amid rising demand for tech stocks. Traders were buying shares of tech companies after the encouraging report from Intel. Investors stay bullish on AI-related stocks, and NASDAQ is moving towards yearly highs.
NASDAQ has traded between 15,400 and 15,900 in recent trading sessions. No material support or resistance levels have been formed inside this range. In order to gain additional upside momentum, NASDAQ needs to climb above the resistance at 15,900 – 16,000.
Dow Jones
Dow Jones continues its attempts to settle above the resistance in the 35,400 – 35,550 range. Dow Jones is underperforming today as traders’ demand is concentrated in tech stocks.
RSI has recently moved back into the moderate territory, so Dow Jones’ chances to settle above the resistance at 35,400 – 35,550 have increased.
For a look at all of today’s economic events, check out our economic calendar.
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