Will stock prices continue their uptrend?
The S&P 500 index gained just 0.01% on Wednesday, after reaching another new local high of 5,990.48 - the highest level since February 27. Today, the market is set to open virtually flat, and I think that more sideways trading appears likely as investors await tomorrow’s monthly jobs report.
Investor sentiment remains mixed, as reflected in the yesterday’s AAII Investor Sentiment Survey, which reported that 32.7% of individual investors are bullish, while 41.4% are bearish.
The S&P 500 remains in a key resistance zone between 5,900 and 6,000.
S&P 500 Futures: Further Uncertainty Below 6,000
This morning, the S&P 500 futures contract is trading sideways, hovering just below the 6,000 level. It still looks like a consolidation within an uptrend.
Key support remains near 5,850 (recent lows), while resistance is at the 6,000 mark.
Conclusion
Despite Tuesday’s advance, upside momentum remains limited. Investors are closely watching upcoming economic data, including tomorrow’s jobs report. Additionally, Broadcom (AVGO) is scheduled to report earnings after the close today, which could influence tech sentiment.
Here’s the breakdown:
- The S&P 500 remains stuck below the psychological 6,000 level.
- No clear negative signals yet, but sideways consolidation may continue amid tariff concerns.
- The market is awaiting a series of economic data releases, AVGO earnings
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Thank you.
Paul Rejczak
Stock Trading Strategist
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