S&P 500: ATH Test Still in the Cards – Watch Out for a Consolidation-Zone Breakout

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S&P 500: ATH Test Still in the Cards – Watch Out for a Consolidation-Zone Breakout

The set a new record on Thursday, marking its third this week, while other major indexes finished lower or flat as Investors weighed Nvidia (NASDAQ:)’s earnings and stronger-than-expected US economic growth data.

Although the was to test all-time highs at the end of last week, it fell short and is now consolidating sideways, closing flat yesterday.

Meanwhile, with the market still digesting Nvidia’s earnings numbers, the ******** in a local correction as of yesterday’s close.

As of this writing, and are climbing as the market anticipates the upcoming inflation report.

With that in mind, let’s review the key levels to watch for today’s trading session.

S&P 500 Eyes Breakout From Consolidation

At the end of last week, the S&P 500 appeared set for new record highs following strong gains. Although this ******** a likely scenario, the ongoing consolidation this week has delayed the potential breakout.

In the short term, the key factor will be the direction of the breakout. A move above the upper boundary of the current range could signal the formation of new highs.

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Conversely, if the index breaks below the lower boundary, a correction could ensue. With few nearby support levels, the extent of this potential correction ******** uncertain.

Nasdaq Defends Local Support

The Nasdaq, trailing the S&P 500 in reaching historical highs, has experienced a slowdown.

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Gains have stalled near the supply zone around 18,000 points. However, the bearish reaction has been subdued, suggesting that a correction is more likely than a deeper decline.

DAX Breaks Records, Poised for Further Gains

The has demonstrated bullish strength, achieving new record highs around the 19,000-point mark during yesterday’s session.

Despite ongoing challenges in the ******* economy, the DAX’s recent bull rally has surpassed its minimum targets and reached new peaks.

With the potential for further monetary easing by the ECB, the index could gain enough momentum to approach 20,000 points.

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Recent peaks now serve as support levels. Should the market undergo a shallow correction, these levels may provide opportunities to enter the trend at more favorable prices.

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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 belongs to the investor. We also do not provide any investment advisory services.

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#ATH #Test #Cards #Watch #ConsolidationZone #Breakout

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