February 2, 2023 (Investorideas.com Newswire) The S&P 500 index gained 1.05% on Wednesday, as it broke above the 4,100 level and some previous local highs following the FOMC interest rate decision announcement. Recently the broad stock market’s gauge was extending its bounce from January 19 local low of 3,885.54.
Stocks will likely open 0.7% higher this morning after quarterly earnings, economic data releases. So the market will extend an uptrend, and the S&P 500 may get closer to the important 4,200 level. It went the highest since late August of 2022 yesterday, as we can see on the daily chart:
Futures Contract – New Local Highs
Let’s take a look at the hourly chart of the S&P 500 futures contract. It is trading higher this morning. The nearest important resistance level is at around 4,180, marked by the previous local high. On the other hand, the support level is now at 4,100.
The S&P 500 is expected to open higher this morning. It will likely extend a short-term uptrend following yesterday’s breakout above the recent local highs. The market will be waiting for the important earnings releases today after the session’s close – we will get releases from AAPL, AMZN, GOOG.
Here’s the breakdown:
The S&P 500 index broke above its short-term consolidation yesterday.
Stocks will likely extend their uptrend and the index may get closer to the 4,200 level.
In my opinion, the short-term outlook is neutral.
This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com