S&P 500 steady above 4,700 amid risk-on market sentiment
|- The S&P 500 advances 0.07% is sitting at 4702, with energy and materials as the leading gainers.
- The Dow Jones Industrial adds 0.23%, currently at 36,412.
- The Nasdaq Composite is barely down 0.01% at 16,358.
The S&P 500 edges higher in the New York session, up some 0.08%, sits at 4,701 at the time of writing. The Dow Jones Industrial adds 0.23%, up to 36,412, while the Nasdaq Composite falls 0.01%, at 16,358. Positive US jobs data last Friday, coupled with a dovish taper by the Federal Reserve on Wednesday, prompted investors towards riskier assets, as US equity indices keep posting new all-time highs on the last week.
Furthermore, robust third-quarter earnings ease market participants’ worries about heightened inflation. In the last week, three central banks unveiled their monetary policy statements, in which It can be read that inflation is transitory despite high energy prices, blaming supply constraints and bottlenecks, coinciding that once those factors ease, inflation will moderate.
Sector-wise, Energy, Materials, and Financials are the gainers, rising 1.34%, 1.08%, and 0.84%, respectively. On the other hand, the main losers are Utilities and Consumer Staples, down 1.60% and 1.1%.
S&P 500 Price Forecast: Technical outlook
The daily chart shows the index keeps in a solid upward trend, showing no signs of exhaustion, despite that the Relative Strength Index (RSI) is at overbought levels at 77, aiming higher. Furthermore, the daily moving averages (DMA’s) are below the index value, sitting well below the 4,500 level. However, in case of a correction lower, the first demand zone would be the September 3 high at 4,550.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.