The U.S. stock market indexes gained 0.5-0.9% on Friday extending their short-term uptrend, as investors’ sentiment remained bullish. The S&P 500 index has reached yet another new record high at the level of 2,876.16. The Dow Jones Industrial Average gained0.5% and the technology Nasdaq Composite gained 0.9% on Friday.
The nearest important level of support of the S&P 500 index is now at around 2,860-2,865, marked by the previous short-term resistance level. The next support level is at 2,850. The support level is also at 2,830-2,835, marked by some short-term local lows. On the other hand, a potential resistance level is at around 2,900.
The broad stock market reached the new record high on Friday, as it broke slightly above its Tuesday’s high of around 2,873. Will the S&P 500 index continue higher? There are still two possible medium-term scenarios – bearish that will lead us towards the February low again, and the bullish one – breakout higher towards 3,000 mark. The latter one got very real recently:
Positive Expectations Again
The index futures contracts trade 0.3% above their Friday’s closing prices. So expectations before the opening of today’s trading session are positive. The European stock market indexes have gained 0.2-0.6% so far. There will be no new important economic data announcements today. The broad stock market will probably open higher today. Then we may see some more short-term fluctuations following the recent run-up. There have been no confirmed negative signals so far. However, we still can see some selling pressure at the medium-term resistance level.
The S&P 500 futures contract trades within an intraday consolidation following its overnight advance. The market trades close to the new record high above the level of 2,880. The nearest important level of support is at around 2,870-2,875, marked by some recent fluctuations. The support level is also at 2,865, marked by the recent local highs. The futures contract accelerated its short-term uptrend this morning, as we can see on the 15-minute chart:
