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Monday, February 26, 2024
HomeFinance NewsUS Indices Reaching New Highs, Embracing Broader Market Momentum.

US Indices Reaching New Highs, Embracing Broader Market Momentum.

The S&P index and NASDAQ index are both reaching new session highs and new week highs. The S&P index is trading at its highest level since last Wednesday, while the NASDAQ index is trading at its highest level since last Tuesday. This upward movement is supported by the price extending above the 50-hour moving averages, indicating a bullish trend. The next targets for the S&P index are the 38.2% retracement of 4439.12 and the 100-hour moving average of 4450.42. For the NASDAQ index, the next key target is the 50% midpoint of the move down from the July high at 13804.16. Lower yields and weaker flash PMI indices are also contributing to the positive bias.

In addition to the market’s upward movement, Nvidia will announce its earnings after the close. The high-flying stock had a significant increase last quarter and is currently trading up. The Jackson Hole Summit later in the week, featuring Fed chair Powell, is also anticipated to have an impact on the market. Powell has the potential to make significant policy proclamations during his speeches, which could influence the market’s outlook. Considering the technical perspective and understanding the risk associated with the bias-defining levels will be helpful for investors in navigating the market.

Overall, the market is experiencing upward momentum with both the S&P index and NASDAQ index reaching new highs. Factors such as the price extending above moving averages and lower yields contribute to the positive bias. Nvidia’s upcoming earnings announcement and the Jackson Hole Summit featuring Fed chair Powell are anticipated to influence the market in the short term. Monitoring technical levels and being aware of the associated risks can assist investors in managing their positions.

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