NASDAQ Composite settled near the 10,450 level.
S&P 500 gained some ground today after the release of the better-than-expected New Home Sales and Consumer Sentiment reports. NASDAQ Composite was mostly flat in today’s trading.
S&P 500 managed to gain upside momentum due to the strong performance of the energy stocks. WTI oil tested the $80 level as Russia revealed that it could cut production in response to the Russian oil price cap scheme.
Interestingly, Treasury yields continued to move higher as bond traders bet on a more aggressive Fed. However, this move failed to put pressure on stocks, although the yield-sensitive tech stocks failed to gain upside momentum in today’s trading session.
Meanwhile, Tesla tested new lows amid worries about demand and Musk’s Twitter distraction. Elon has recently pledged to stop selling Tesla stock, but it looks that the market does not believe him.
It remains to be seen whether traders will be ready for big moves ahead of the long weekend. The stock market will be closed on Monday, December 26, in observance of the Christmas holiday.
S&P 500 is currently trying to settle above the resistance at 3840. In case this attempt is successful, S&P 500 will move towards the next resistance level, which is located at 3860. A move above the resistance at 3860 will open the way to the test of the resistance at 3890.
On the support side, the nearest support level for S&P 500 is located at 3815. If S&P 500 declines below this level, it will move towards the next support level at 3800. A successful test of the support at 3800 will push S&P 500 towards the support at 3775.
For a look at all of today’s economic events, check out our economic calendar.
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.