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The S&P 500 rises and recovers the threshold of 3,700 after the US holiday.

  • US stocks rise after the holiday in the country, between 1.78% and 3.07%.
  • The Nasdaq Composite leads the gains, followed by the S&P 500 and the Dow Jones.
  • US Treasury yields rise, while the dollar index falls.

US stocks open with strong gains, after a dismal week, which dragged the S&P 500 into a bear market after falling more than 20% from its all-time highs, but as North American traders return from the long weekend, US stocks. The US show an optimistic mood in the market.

The S&P 500 gains 2.51% and stands at 3,766.49 points, while the Nasdaq Composite (NDQ), with great technological weight, once again exceeds the threshold of 11,000 points and rises 3.07%, to 11,130.10 points. The furthest behind in the session, but with a jump of more than 500 points, is the Dow Jones Industrial Average (DJIA), which rose 1.78% to 30,419.48.

Meanwhile, the US dollar index extends its losses for the week and stands at around 104,290, down 0.11%. US Treasury yields remain elevated with the US 10-year yield trading at 3.288%, up two basis points.

Fundamentally nothing has changed, with some financial analysts perceiving the rally as a “death cat rebound.” Last Wednesday, the US Federal Reserve raised rates by 75 basis points, the biggest move since 1994, and Fed Chairman Powell said that while such moves would not be “common,” he said that in July they could be on the table another 75 basis points.

Looking at sectors, the main gainers are Energy, up 4.85%, followed by Consumer Discretionary and Technology, posting gains of 3.42% and 2.91%, respectively. The most lagging behind, but also positive on the day, are public services, basic consumer goods and materials, which rose 1.27%, 1.40% and 1.60% each.

In the commodity complex, benchmark US crude, WTI, rose 2.69% and traded at $110.88 BPD. At the same time, precious metals such as gold (XAU/USD) followed suit, rising 0.29% to trade at $1,845.65 a troy ounce.

SP 500 Chart

Technical levels

SP500

Panorama
Last Price Today 3760.36
Today’s Daily Change 47.47
Today’s Daily Change % 1.28
Today’s Daily Opening 3712.89
Trends
20 Daily SMA 3973.19
50 Daily SMA 4093.41
100 Daily SMA 4257.02
200 Daily SMA 4415.14
levels
Previous Daily High 3720.61
Previous Daily Minimum 3680.14
Previous Maximum Weekly 3852.15
Previous Weekly Minimum 3636.65
Monthly Prior Maximum 4305.91
Previous Monthly Minimum 3809.41
Daily Fibonacci 38.2% 3705.15
Daily Fibonacci 61.8% 3695.6
Daily Pivot Point S1 3688.48
Daily Pivot Point S2 3664.08
Daily Pivot Point S3 3648.01
Daily Pivot Point R1 3728.95
Daily Pivot Point R2 3745.02
Daily Pivot Point R3 3769.42

Source: Fx Street

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