Article by IG Chief Market Analyst Chris Beauchamp
S&P 500, Nasdaq 100, CAC40 Costs, Evaluation, and Charts
S&P 500 hits new 2023 excessive
The index has surged to a brand new excessive for the 12 months, and its highest stage since April 2022.The Fed choice final night time gave house for the greenback to weaken and equities to rally, and the S&P 500 rallied off its lows to clear 4580. Additional beneficial properties now goal the March 2022 excessive at 4631, whereas past this January’s excessive at 4730 after which the document excessive at 4817 come into sight.
Whereas the value might look overextended within the brief time period, thus far there’s little signal of any substantive flip decrease. For this to occur we would wish a drop again under 4500, after which a transfer to the 4400 assist stage or the 50-day SMA would possibly come into sight.
S&P 500 Every day Chart
Nasdaq 100 resumes its transfer increased
An identical image prevails for the Nasdaq 100, though it stays under its current highs in the intervening time. Final week’s excessive at 15,932 is the following goal to observe, whereas past this, the mid-January excessive at 16,021 comes into view. After this, the ultimate hurdle, for now, turns into the document highs of November and December round 16,630 (and November’s intraday document excessive of 16,769).
The index continues to defy all expectations of a flip decrease, though extra tech earnings will arrive over the following week. The newest drop fizzled out after two days, which in itself ought to ship a warning to sellers that there’s nonetheless loads of bulls keen to step in after the slightest weak spot. The worth stays solidly above the 50-day SMA, and for now, reveals no inclination to move decrease. Trendline assist from the April low after which the 50-day SMA are shut by within the occasion of a pullback.
Nasdaq 100 Every day Worth
CAC40 blended forward of ECB choice
The index hit a two-week low yesterday, however rallied into the Fed choice and past.Unsurprisingly, a few of that enthusiasm has ebbed as buyers ponder the ECB assembly at this time. The worth has failed to carry its in a single day highs and is struggling to carry above trendline resistance from the April excessive. Bears will need to see an in depth under 7290, which could come about from a extra hawkish ECB assembly.
Alternately, extra beneficial properties would come about by a transfer to 7450, with an in depth above this stage reinforcing the bullish outlook. This may convey 7500 after which the April excessive at 7584 into play.
CAC40 Every day Worth Chart
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