LIVE MARKETS-S&P 500 index new highs keep coming
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S&P 500 INDEX NEW HIGHS KEEP COMING
The S&P 500 index .SPX and the Nasdaq Composite .IXIC scored fresh record closing highs on Tuesday. That said, the Dow .DJI remains shy of its record highs.
Meanwhile, with the S&P 500's breakout to new highs, traders are eyeing the next chart hurdles.
With Tuesday's post-CPI rally, the SPX registered its first record closing high in August, and its 16th record close of 2025. The Nasdaq has now notched 19 record closing highs this year. The Dow has seen zero record closes in 2025. It ended Tuesday down 1.23% from its December 4, 2024 record finish.
Looking specifically at the S&P 500 index, after hitting a fresh record intraday high at 6,446.55 on Tuesday, it closed at 6,445.76.
On Wednesday, e-mini S&P 500 futures EScv1 are higher by around 20 points, or 0.3%, in premarket trade, suggesting modest upside follow-through for the SPX at the open.
The next levels include the 6,500 level, and the upper monthly Bollinger Band, which is now in the 6,530-6,550 area.
Ten times the 2009 low of 666.79 is 6,667.90, and a weekly Gann Line now presents a hurdle around 6,675.
Of note, the SPX has, at times, struggled around multiples of the 2009 low.
In any event, initial support now resides at the former highs in the 6,427.02-6,389.77 area with the rising 20-day moving average (DMA) expected to be around 6,350 on Wednesday.
On a deeper pullback, bulls will want to see the broken resistance line from the 1929 high, which is now support around 6,300 this month, contain weakness.
The rising 50-DMA should be around 6,205 on Wednesday, which coincides with the early-July to early-August lows in the 6,212-6,201 area.
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:
EUROPEAN EARNINGS ARE CAUTIOUSLY OPTIMISTIC, BUT MARKET VULNERABLE CLICK HERE
CPI RALLY: TO FADE OR NOT TO FADE? CLICK HERE
DEFENCE STOCKS LEAD EUROPE HIGHER CLICK HERE
EUROPE BEFORE THE BELL: STOCKS SET FOR FIRMER OPEN CLICK HERE
STOCK MARKETS CELEBRATE MILD INFLATION DATA CLICK HERE
SPX08132025
SPXvsmultiplesof2009low08132025
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