SP500 080523 Daily Chart
SP500 is moving higher while traders wait for additional catalysts. There are no important economic reports scheduled to be released today, so traders focus on general market sentiment, which remains bullish.
If SP500 settles above the 4150 level, it will head towards the resistance at 4175. A move above 4175 will push SP500 towards the next resistance at 4200. On the support side, a successful test of the 4115 level will open the way to the test of the support at 4090.
R1:4150 – R2:4175 – R3:4200
S1:4115 – S2:4090 – S3:4070
NASDAQ 080523 Daily Chart
NASDAQ is moving higher despite rising Treasury yields. Demand for AI-related stocks remains strong, and shares of Advanced Micro Devices are gaining 6% in today’s trading session.
The nearest resistance level for NASDAQ is located at 13,300. If NASDAQ manages to climb above this level, it will move towards the next…