S&P 500 Approach Record Highs
Wall Street indices started higher the day with the S&P 500 adding 0.33% at 3,017.90. The Dow Jones trading 0.33% higher at 27,271, while the Nasdaq trading 0.14% higher at 8,205 as US-China trade tensions eased after President Trump announced a 2-week delay in tariff hikes in $250 billion in Chinese imports. Sentiment also gets a boost from better Retail Sales (month over month) which came in at 0.4% topping expectations of 0.2% in August. The Michigan Consumer Sentiment Index came ina at 92 also topping expectations of 90.9 in September.
The CBOE Volatility Index or fear index, is giving up 4.64% at 13.56 just to confirm the positive market mood.
S&P 500 bullish momentum is intact as the index is a breath away from all-time highs at 3,027. S&P has formed a strong floor at 2,822 during August which absorbed all the offers and signalled the rebound which today almost touched the highs. On the upside immediate resistance is at 3,023 today’s high while more pressure will be met at 3,027 all-time high. On the downside S&P 500 first support stands at 3,007 today’s low and then at 2,946 the 100-day moving average. Traders looking to enter long positions can buy if the index closes above all time top, targeting the 3,100 level for profits, and can keep their long positions as far the index is trading above the 3,000 mark.
The European indices also trading higher. The FTSE 100 is 0.39 percent higher at 7,374.97 as the pound trades above 1.2450. DAX index is 0.62 per cent higher at 12,487 while CAC 40 in Paris also trades 0.36 per cent higher at 5,663.