S&P 500 Consolidates After Record High
09 Jun 2023
After the S&P 500 reached its highest close since 2023, stock futures are flat
As investors hold their breath in anticipation of next week’s critical Federal Reserve policy-setting meeting, U.S. equities are expected to open Friday’s trading session slightly lower, consolidating recent gains.
After the S&P 500 recorded its highest closing for 2023 on Friday, U.S. stock futures remained unchanged as investors awaited the release of new inflation data and the Federal Reserve’s most recent policy statement next week.
The S&P 500 futures rose 0.03%.
Although some market players cautioned that those gains may not persist, investors were pleased by signals that a wider swath of stocks, particularly small-cap equities, was participating in the current advance.
For the first time since last August, the S&P 500 is on track to post a fourth straight week of gains, with the broad index up almost 0.3% as of Thursday’s closing.
While the United States continues to debate whether inflation is still too high, deflation was a bigger concern in May in China, the world’s second-largest economy, where factory gate prices fell by a staggering 4.6% annually, the quickest rate in seven years.
S&P 500 TECHNICAL ANALYSIS DAILY CHART:
- S&P 500 is currently trading in the up channel.
- S&P 500 is currently trading above all SMA.
- RSI is in buying zone which suggests bullishness and Stochastic is suggesting up trend.
- Immediate resistance is at 4300.82 & its immediate support level is 4281.89
HOW TO TRADE S&P 500 IN THIS WEEK
The S&P 500 index is rising steadily. Additionally, it is currently trading higher in a key resistance zone that it has been attempting to break over the previous few days. If this zone is broken, we are expecting a further increase in price.