S&P index trades to a new high and looks toward swing area
The major US stock indices remain well elevated. The S&P index is now up over 2% at 4500. That’s the highest level since September 14 when the high price extended to 4511.99. That is the next target. Move above that level and traders will next target the September 1 hi which came in at 4541.25. That swing area between 4511.99 and 4541.25 is home to a number of swing lows and highs going back to mid July (see red numbered circles on the chart above).
The gain of 2% today is the largest percentage gain since January 6.
Break above the swing area up at 4541.25, and traders will start to think about the high price for 2023. That level was reached on July 27 at 4607.02. That high is still 2.3% away from current levels.
The all-time high price for the S&P was reach back on January 5, 2022 at 4818.62. To reach that level, prices would need to increase by 7%.
Meanwhile, the NASDAQ index is leading the charge with a gain of 2.31%. It’s September 1 hi came in at 14149.62. The current price is trading at 14085.57. The high price from 2023 reached 14446.55.
The Dow Industrial Average is trading at 34900 up 562 points or 1.64%. It’s September high price reached 35070.21 and represents the next upside target for that index.