The S&P is trading at a new record high. The Nasdaq is higher but work to do technically
The broader U.S. stock market remains firmly bid in early U.S. trading, with the S&P 500 up 0.61% and pushing to a fresh all-time high. The move extends above the previous record at 7620.90, keeping buyers in control. On the downside, the former resistance zone between 7577.92 and 7620.90 now serves as an important support area. As long as the index remains above that zone, the technical bias continues to favor the bulls.
The Nasdaq Composite is outperforming, rising 1.20% to 26,235.70, but it still has one hurdle to clear before opening the door to a broader upside extension. The next key resistance comes in at 26,301.54, representing the ceiling from late June through mid-July. A sustained break above that level would strengthen the bullish case and shift the focus to additional swing highs between 26,559 and 26,788 from early June. Clearing those levels would put the all-time high at 27,190.21 squarely back in the market’s sights.
In the video above, I break down the technical outlook for the major U.S. indices, highlighting the current bias, the key risk levels traders should watch, and the upside targets that will determine whether the rally can continue.
This article was written by Greg Michalowski at investinglive.com.