S&P 500 Index Trading 1% Lower Than Record Close Since July
Tuesday, October 15th, 2019 – S&P 500 index has finally touched the long-awaited 3,000 level. The market opened at 2,973.61 this morning and started an uninterrupted upward rally that paused at 3,000.78 level. As per the reports, the index is attempting to find stability near the 3,000 level as it currently trades at 2,999.45.
Daily Performance Highlights For U.S Stock Markets
The financial analysts have also highlighted that today’s high marks the index only around 1% lower than 3,025.86; the record close for S&P 500 since July 26th, 2019. Similar optimism is mirrored in Dow Jones Industrial Average as well that opened at 26,811.20 this morning and has made a daily high of 27,111.86 so far. The index is currently trading at 27,057.13 that marks it only around 1.2% lower than 27,359.16; the record close for Dow Jones since July 15th, 2019. Nasdaq Composite is no different in this regard. Opening at 8,074.85 level on Tuesday, it has been in an upward rally and has made a recent high of 8,160.02 (Current level). The index is around 2.3% lower than 8,330.21 level; the record close for Nasdaq Composite since July 26th, 2019.
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With 3,000 level hit by the S&P 500 index, analysts are now questioning if the index has further juice to continue the upward rally or would this level be a top that is followed by a consequent downward rebound. This is further fueled by the fact that the index was unable to hold above the 3,000 level and printed an almost immediate drop to 2,997 level.
Analysts Have A Difference Of Opinion Regarding S&P 500’s Upcoming Move
The uncertainty revolving U.S economy at large, owing to the U.S – China trade negotiations as well as an imminent rate cut by FED for the third time this year, a lack of consensus among the financial experts is getting prominent. On one hand, head of technical analysis, Mr. Ari Wald, of Oppenheimer, was reported saying on CNBC’s Trading Nation that the market has been bearish for almost two years. It is high time that the bulls return and the market starts to make new highs.
On the other hand, however, managing director for Forex strategy, Mr. Boris Schlossberg of BK Asset Management reported via the same platform that owing to the rising uncertainty and the relatively sluggish economy in general, the forecast for a rebound that again strengthens the bearish trend is not out of the question yet.
All in all, the current circumstances are making it increasingly harder to predict the SPX’s intention for the future, according to the stock market analysts. The long-term market trend is expected to get clearer with the events of U.S – China trade talks and FED’s plans for further leniency in monetary policy unfolding with time.