NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Tests Historic Highs As Palantir Soars 30%
Today, traders also focused on JOLTs Job Openings report. The report indicated that JOLTs Job Openings were 7.359 million in June, compared to analyst forecast of 7.4 million.
Factory Orders decreased by -0.3% month-over-month in June, compared to analyst consensus of +0.2%. The weaker-than-expected reports did not have a major impact on SP500 dynamics as market sentiment was extremely bullish.
Tech stocks gained strong upside momentum in today’s trading session. Basic materials stocks moved higher as traders focused on the rally in precious metals markets. Not surprisingly, energy stocks were among the biggest losers amid sell-off in the oil markets.
Currently, SP500 is trying to settle above the 7750 level. In case this attempt is successful, SP500 will move towards the 7800 level. RSI is in the overbought territory, so the risks of a pullback are increasing.