Stocks slightly lower, but positive setups suggest potential for market reaching all-time highs

From Investing.com: 2024-08-23 05:09:00

Stocks ended slightly lower after two weeks of gains, but they are now in the green as investors await Powell’s speech at the conference. The also experienced a 1.68% decrease yesterday. Powell is expected to set the stage for a 25bp cut in September, following the Fed’s suggestion of potential rate cuts if the data supports it. Key indexes like the S&P 500, Nasdaq 100, and the German DAX are showing positive technical setups ahead of a critical day for markets.

The S&P 500 may see a move towards all-time highs below 5,700 points and a potential dip to 5,500 or even 5,400 points if market conditions remain unchanged. The Nasdaq 100 is approaching historical highs with a local rebound and could face resistance at 19,200-19,000 points. A break below 19,000 points could lead to a deeper pullback, while buyers may target 20,400 points for new highs. The German DAX is trending upward, and a break below the accelerated uptrend line could signal a correction towards 18,000 points, while the demand side aims to push it beyond 19,000 points for new highs.



Read more at Investing.com: S&P 500 Faces Moment of Truth: Key Resistance Breach Could Set Stage for ATH Test