The bullish momentum is gaining steam during today’s session and the three largest Wall Street indices continue their upward movement. The S&P 500 cash index is climbing towards new historic highs, and so is the US500 contract, which is testing the psychological resistance of 4,400 points. The scale of the rebound may be impressive, given the fact that on Tuesday evening the index was trading around 4220 pts. One gets the impression that the markets have completely forgotten about the sharp declines from a week ago.
Today, the driving force is mainly technology companies, which can be seen through the strength of the Nasdaq-100 (US100) index, which broke above the psychological barrier of 15,000 pts - perhaps some investors are already starting to take positions hoping for strong quarterly results from the so-called Mega Caps? Tesla, Apple, Alphabet, Microsoft, Facebook and Amazon will present the results next week. Due to the powerful capitalization of these companies, their quarterly reports may be of great importance from the perspective of the entire US100 and US500 indexes. Meanwhile, the US small company index - US2000 - is trading lower. This shows that the scale of increases at today's session is mainly concentrated around larger companies.
US500, interval H1. Source: xStation5
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