The S&P 500 continues to reflect increased market optimism after debt-ceiling agreement and data which show resilience of the US economy on taken monetary measures. During the previous week, the index reached its highest level of 4.321 points, reaching the level from August 2022. This level represents a short-term resistance line, and increases a potential for a short term reversal, in order to continue with a bull path. Certainly, the highest contributors to such moves are tech companies, with Nvidia continuing its strong gains and Apple, which presented to the market a new product.
RSI reached level of 65, but still missing a clear overbought side, indicating that testing of 4.320 level might continue during the week ahead. There is also some probability for a short-term reversal, back to the levels above 4.200, which would be a turning point toward the further upside.
RSI reached level of 65, but still missing a clear overbought side, indicating that testing of 4.320 level might continue during the week ahead. There is also some probability for a short-term reversal, back to the levels above 4.200, which would be a turning point toward the further upside.
