The S&P 500 is set to open higher - but will the advance continue?
Stock prices pulled back on Wednesday, with the S&P 500 closing 0.56% lower. The index drifted lower in anticipation of Nvidia’s key earnings report, released after the session close. The earnings results caused a rise in futures, which was further supported by news of a tariff-related decision by the U.S. Court of International Trade.
However, this morning the market is giving back some of those gains. The S&P 500 is expected to open 0.8% higher, retracing yesterday’s decline.
Investor sentiment has slightly deteriorated, as reflected in yesterday’s AAII Investor Sentiment Survey, which reported that 32.9% of individual investors are bullish, while 41.9% are bearish.
The S&P 500 remains at a critical resistance zone between 5,900 and 6,000.
S&P 500 Futures: Pulling Back from 6,000
This morning, the S&P 500 futures contract is retracing part of its overnight rally after briefly breaking above the 6,000 level. I think that this still appears to be a short-term consolidation, not a decisive breakout.
Support is around the 5,860-5,900 level, based on recent lows.
Conclusion
Stock prices are poised to open higher today. However, the market has already given back some gains following Nvidia’s earnings and the U.S. Court ruling on Trump tariff policy. Overall, uncertainty remains as stocks hover near critical resistance.
Here’s the breakdown:
- The S&P 500 is set to open higher, but uncertainty remains.
- No clear negative signals yet, but sideways consolidation may continue amid tariff concerns.
- The 6,000 level remains a key resistance.
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Thank you.
Paul Rejczak
Stock Trading Strategist
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