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S&P and Nasdaq trade near key technical levels, mixed on the day
The S&P is holding near its all time high of 7,793.68, while the Nasdaq remains below its early June record of 27,190.21.
Stocks are mixed in intraday trading, with the S&P currently up around 0.1% and the Nasdaq down about 0.1%, according to Forexlive.
For the S&P, the technical setup is described as bullish because the index is trading close to its all time high of 7,793.68, reached last week. A break above that level would shift attention to an upward sloping trendline that sits near 7,850.0, with a key downside zone identified between 7,577.9 and 7,617.4.
The Nasdaq is viewed as less bullish because it remains below its all time high of 27,190.21 from early June. Forexlive points to nearby resistance in a swing area between 26,605.4 and 26,788.6, noting the index is trading below 26,605.4, which gives sellers short term control and keeps the door open for further downside moves.
A move back above 26,605.4, followed by a break of 26,788.6, would improve the near term technical bias and put the all time high back in play, Forexlive added.
Latest closeNasdaq Comp. 26,605.36 ▼0.3%