Friday’s rally carried into this week, with Jerome Powell’s Jackson Hole speech still fueling bullish sentiment across equities. While the Fed Chair avoided promising rate cuts, his balanced tone reassured markets that policy easing could begin as early as September.
The Dow Jones surged to a new all-time high at 45,631, while the S&P 500 closed just below its record at 6,466. Tech stocks also led the charge, with the Nasdaq surging nearly 2% on Friday, setting up a bullish continuation into Nvidia’s earnings later today.
Apple climbed nearly 1% to $229.31, adding further momentum to the tech sector ahead of key earnings. All eyes remain on Nvidia — with analysts expecting revenue near $46B. Strong forward guidance could ignite another AI-driven leg higher.
Technical Analysis
📈 S&P 500 (SPX) – After a sharp rally, SPX is consolidating just beneath all-time highs around 6,470. Momentum remains bullish with RSI holding mid-60s and PPO showing no bearish divergence. Support sits at 6,291, while resistance remains the recent highs.
📈 Nasdaq 100 (NDX) – Currently trading at 23,550, the index is consolidating after reclaiming major support at 22,894. The uptrend remains intact, and Nvidia earnings could provide the breakout catalyst above 23,600 toward 24,000.
📈 Dow Jones (DJI) – The Dow pushed into uncharted territory above 45,600, confirming strength in cyclical sectors. Support now lies at 44,969 with room to push toward 46,000+.
📈 Russell 2000 (RUT) – Small caps are showing relative strength, with the index pushing above 2,354. Next resistance sits at 2,449, while support remains at 2,316. The breakout structure favors continuation.
Nasdaq Day Trading Levels
NAS100
- Longs: 23,413 | 23,369.5 | 36,312.8
- Shorts: 23,673.9 | 23,755.3 | 23,814.8
- Other: 23,483.4 | 23,550.6 | 23,619.8
QQQ
- Longs: 569.53 | 568.47 | 883.32
- Shorts: 575.87 | 577.85 | 579.30
- Other: 571.24 | 572.88 | 574.56
NDX
- Longs: 23,393.08 | 23,349.62 | 36,281.90
- Shorts: 23,653.75 | 23,735.09 | 23,794.54
- Other: 23,463.42 | 23,530.56 | 23,599.70
NQ
- Longs: 23,467.77 | 23,424.17 | 36,397.75
- Shorts: 23,729.28 | 23,810.87 | 23,870.51
- Other: 23,538.33 | 23,605.69 | 23,675.05
Summary
Markets are holding near record highs as bullish momentum remains intact. Nvidia’s earnings later today are set to be the key driver for the Nasdaq and tech sector. Strong forward guidance could trigger another wave higher, while any disappointment risks a sharp pullback from resistance levels.
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