The main US inventory indices stay properly elevated. The S&P index is now up over 2% at 4500. That’s the very best degree since September 14 when the excessive value prolonged to 4511.99. That is the following goal. Move above that degree and merchants will subsequent goal the September 1 hello which got here in at 4541.25. That swing space between 4511.99 and 4541.25 is residence to quite a lot of swing lows and highs going again to mid July (see pink numbered circles on the chart above).
The gain of two% as we speak is the biggest proportion gain since January 6.
Break above the swing space up at 4541.25, and merchants will begin to consider the excessive value for 2023. That degree was reached on July 27 at 4607.02. That excessive remains to be 2.3% away from present ranges.
The all-time excessive value for the S&P was attain again on January 5, 2022 at 4818.62. To attain that degree, costs would wish to extend by 7%.
Meanwhile, the NASDAQ index is main the cost with a gain of two.31%. It’s September 1 hello got here in at 14149.62. The present value is buying and selling at 14085.57. The excessive value from 2023 reached 14446.55.
The Dow Industrial Average is buying and selling at 34900 up 562 factors or 1.64%. It’s September excessive value reached 35070.21 and represents the following upside goal for that index.