🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

S&P 500 Takes Aim at All-Time Highs With Nasdaq Not Far Behind

Published 13-09-2024, 05:06 pm
US500
-
DE40
-
IXIC
-

This week, the financial markets focused on three key events: the Trump vs. Harris presidential debate, US inflation data, and the European Central Bank (ECB) meeting.

Despite the buzz, none of these events sparked significant volatility. As a result, stock market indices generally trended upward, nearing their historical highs.

Currently, index futures are in the green, with the S&P 500 and Nasdaq poised for a positive start to today’s trading session.

In light of that, let’s dive into the technical outlook for these indexes, along with the DAX.

S&P 500: Testing New Heights

The recent dip in the S&P 500, driven by speculation about an antitrust investigation into Nvidia (NASDAQ:NVDA), appears to be behind us.

The latest sessions have seen buyers taking charge, setting up the index for a potential breakout to new highs.

S&P 500 Price Chart

If the bullish momentum continues, the next key targets are the psychological levels of 5700 and 5800 points. Support remains anchored at the previously tested level of 5120 points.

Nasdaq: Playing Catch-Up

The Nasaq is trailing the S&P 500 in its race to new highs. To challenge the all-time high, the index first needs to overcome the resistance at 18000 points, where recent gains have stalled.

Nasdaq Price Chart

A successful breakout could see the index targeting its previous highs at 18600 points, with the next significant hurdle at 19000 points.

DAX: A Rally to Remember

The ECB’s decision to cut interest rates by 25 basis points was largely anticipated and didn’t stir much volatility.

For the DAX, however, the hopes for gradual rate cuts are fueling a rally that recently pushed the index to new highs above 19000 points.

DAX Price Chart

Looking ahead, the primary scenario is continued upward movement, with a target of 20000 points.

For those looking to join the trend, support at 17000 points remains the key level to watch, marking the starting point of the current upward momentum.

***

Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk is at the investor's own risk. We also do not provide any investment advisory services. We will never contact you to offer investment or advisory services.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.