LIVE MARKETS-S&P 500 index streak of record closing highs faces looming event risks
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S&P 500 INDEX STREAK OF RECORD CLOSING HIGHS FACES LOOMING EVENT RISKS
The S&P 500 index .SPX is mounting an impressive run of record closing highs. However, traders remain on edge, given that the index may still be in the sphere of influence of a Fibonacci time projection, while it also faces numerous event risks this week including the results of the latest FOMC meeting on Wednesday, big tech earnings, developments on the trade front, and the latest jobs report on Friday.
The S&P 500 edged higher on Monday to finish at 6,389.77. With this, it scored its 15th record closing high of 2025.
However, of note, it was also the index's sixth record closing high in a row, which may suggest it's getting stretched to the upside shorter term.
The SPX last posted sixth straight record closing highs in July of last year. It last scored more than six-straight record closing highs with an 8-day run that ended in November 2021. The SPX posted nine record closing highs in a row in June 1955.
Meanwhile, in the wake of April's bullish monthly candle pattern, the SPX is on pace to rise for a third-straight month. This, as it overwhelms a long-term resistance line from its 1929 high, which now resides around 6,280 on a monthly basis:
This line should now act as support, and a reversal back below it would suggest risk for greater instability. It should ascend to around 6,300 on Friday (for the month of August).
On the upside, strength above Monday's 6,401.07 intraday high will face the upper monthly Bollinger Band, which is now around 6,475.
A weekly Gann Line now presents a hurdle at around 6,650. Ten times the 2009 low of 666.79 is 6,667.9.
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:
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WHY THE EU/US DEAL DOESN'T ADD UP - RBC CLICK HERE
TARIFFS MAY DRIVE US LUXURY SHOPPERS ABROAD - UBS CLICK HERE
MEGA CAPS AREN'T POWERING THE 'MEGA' TRADE CLICK HERE
EARNINGS DECENT, IN AGGREGATE, STOXX UP CLICK HERE
EUROPE BEFORE THE BELL: LOTS OF EARNINGS CLICK HERE
MORNING BID: REMEMBERING THE DOWNSIDES TO TARIFFS CLICK HERE
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