S&P 500 Takes Aim at All-Time Highs With Nasdaq Not Far Behind
2024.09.13 08:49
This week, the financial markets focused on three key events: the Trump vs. Harris presidential debate, US data, and the European Central Bank () 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 and 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 .
S&P 500: Testing New Heights
The recent dip in the S&P 500, driven by speculation about an antitrust investigation into Nvidia (NASDAQ:), appears to be behind us.
The latest sessions have seen buyers taking charge, setting up the index for a potential breakout to new highs.
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.
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.
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.
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