The S&P 500 is set to open above 6,100 - will it break above its late February high?
Stocks slightly extended their short-term uptrend on Wednesday; however, the S&P 500 index closed essentially unchanged from Tuesday’s closing price. The market fluctuated in the wake of Monday’s advance.
This morning, the S&P 500 is poised to open 0.3% higher and is likely to breach the 6,100 level.
Investor sentiment has slightly improved, as reflected in yesterday’s AAII Investor Sentiment Survey, which reported that 35.1% of individual investors are bullish, while 40.3% are bearish.
The S&P 500 is approaching its February 19 record high of 6,147.43, as the daily chart indicates.
S&P 500 Futures Contract Sets New Record Highs
This morning, the S&P 500 futures contract is trading higher, extending its uptrend and reaching new all-time highs above the 6,150 level.
On Monday, the market resumed its upward momentum, breaking above recent local highs around 6,100, which now serve as a key short-term support level.
Markets remain highly sensitive to geopolitical developments and could stay volatile in the near term.
Conclusion
Stocks are likely to begin Thursday’s trading session on a positive note, with the S&P 500 index again breaching the 6,100 level. Overall, sentiment remains bullish following the de-escalation of the Middle East conflict. Investors will now closely watch upcoming economic data and tariff-related developments.
Here’s the breakdown:
- The S&P 500 has reached its highest level since February, nearing the 6,100 mark and extending gains for those who bought based on my Volatility Breakout System.
- There are no clear bearish signals yet, but a deeper downward correction is not out of the question at some point.
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Thank you.
Paul Rejczak
Stock Trading Strategist
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