Summary:
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US500 near 3150 ahead of the open
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US celebrate Thanksgiving tomorrow
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Market aiming for 5th daily gain in a row
The recent rally in US stocks is showing little sign of abating with large cap benchmarks trading close to their highest ever levels ahead of the opening bell. Today is the final full session of the week for Wall Street, with the US celebrating Thanksgiving tomorrow with a bank holiday and many traders taking the rest of the week off.
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US stocks began the week with a gap higher and they’ve not really looked back since with a steady grind higher culminating in a new all-time high of 3150. Source: xStation
In the past hour there’s been the release of a batch of US data that overall is indicative of a fairly healthy economy, with the latest growth and consumer spending figures topping estimates. This is obviously good news for stocks, but the reaction has been fairly muted and while the US500 remains near its all-time high made earlier today it has not chalked up a fresh once since the data release. Later we’ll also get the Chicago PMI and the Core PCE price index at 2:45PM and 3:00PM respectively - times are in GMT.
The S&P500 has gained over 36% from the low seen at the end of December last year to today’s record peak. There’s little to suggest from a technical perspective that this uptrend has run its course, and even though an RSI of 73.8 does suggest overbought conditions it is not too extreme a reading. Source: xStation
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