The S&P 500 index gained 1.05% on Wednesday, as it broke above the 4,100 level and some previous local highs following the FOMC interest rate decision announcement. Recently the broad stock market’s gauge was extending its bounce from January 19 local low of 3,885.54.

Stocks will likely open 0.7% higher this morning after quarterly earnings, economic data releases. So the market will extend an uptrend, and the S&P 500 may get closer to the important 4,200 level. It went the highest since late August of 2022 yesterday, as we can see on the daily chart:

Futures Contract – New Local Highs

Let’s take a look at the hourly chart of the S&P 500 futures contract. It is trading higher this morning. The nearest important resistance level is at around 4,180, marked by the previous local high. On the other hand, the support level is now at 4,100.

Conclusion

The S&P 500 is expected to open higher this morning. It will likely extend a short-term uptrend following yesterday’s breakout above the recent local highs. The market will be waiting for the important earnings releases today after the session’s close – we will get releases from AAPL, AMZN, GOOG.

Here’s the breakdown:

The S&P 500 index broke above its short-term consolidation yesterday.
Stocks will likely extend their uptrend and the index may get closer to the 4,200 level.
In my opinion, the short-term outlook is neutral.

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Thank you.

Paul Rejczak,
Stock Trading Strategist
Sunshine Profits: Effective Investments through Diligence and Care
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The information above represents analyses and opinions of Paul Rejczak & Sunshine Profits' associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Paul Rejczak and his associates cannot guarantee the reported data's accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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