Blog

SP500 is mostly flat as traders take some profits off the table after the recent rally. Treasury yields are moving lower, providing additional support to major indices. Energy stocks have found themselves under strong pressure in today’s trading session as oil markets tested multi-month lows. Traders shrug off geopolitical risks and focus on the potential weakness of demand for oil.

It should be noted that SP500 did not gain downside momentum today, which shows that market sentiment remains extremely bullish. Traders have already started to prepare for Fed’s rate cuts in 2024. SP500 needs to settle above the 4400 level to gain additional upside momentum.

NASDAQ is mostly flat as demand for tech stocks remains strong. Traders are not ready to dump their tech stocks as they remain focused on the potential rate cuts in 2024.

From the technical point fo view, NASDAQ continues its attempts to settle above the resistance in the 15,200 – 15,350 range. RSI remains in the overbought territory, and it remains to be seen whether NASDAQ will be able to gain additional upside momentum without a pullback.

Dow Jones

Dow Jones moved away from session highs as traders decided to take some profits off the table. Microsoft, which is up by 0.7%, is the biggest gainer in the Dow Jones index today. The stock is moving higher amid strong demand for shares of tech companies.

If Dow Jones settles above the 34,150 level, it will head towards the next resistance, which is located in the 34,650 – 34,800 range.

For a look at all of today’s economic events, check out our economic calendar.