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Gulf Press > Business > Forex > Stocks could make an effort to surpass previous highs
Forex

Stocks could make an effort to surpass previous highs

News Room
Last updated: 2024/06/29 at 6:07 AM
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Stocks saw minimal movement yesterday, with the S&P 500 index closing slightly higher. The market has been in a short-term consolidation phase after pulling back from last week’s record high. Today, the index is expected to open higher based on futures contracts. The Core PCE Price Index remained as expected, indicating a stable economic environment. The market is currently experiencing a flat correction within the overall uptrend.

Looking ahead to June, there is uncertainty surrounding the future movement of the S&P 500 index. While the trend has been largely positive, there is the possibility of a more significant correction on the horizon. Investor sentiment is relatively stable, with a mix of bullish and bearish views. The AAII Investor Sentiment Survey serves as a contrary indicator, suggesting potential market movements based on sentiment levels.

The Nasdaq 100 index has been rebounding after reaching a new record high last week. Despite some retracement, the index is showing strength and may soon reach new highs. The VIX index, which measures market fear, has been fluctuating but recently showed signs of decreasing fear levels. Futures contracts are currently trading above recent highs, indicating a potential move towards further gains.

In conclusion, the S&P 500 index is expected to open higher today as it continues to navigate a flat correction phase. The market remains relatively close to record highs, with mixed signals indicating both bullish and bearish scenarios. Moving forward, investors will be watching closely for signals from the Fed and upcoming earnings reports to gauge market direction. It is important to remain cautious and stay informed about potential market movements in the coming weeks.

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News Room June 29, 2024
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