Stocks Analysis by Fawad Razaqzada covering: Nasdaq 100, S&P 500, SPDR® S&P 500, NVIDIA Corporation. Read Fawad Razaqzada's latest article on Investing.com
The S&P 500 is consolidating gains but faces global investor caution and profit-taking pressures.Key support for the S&P 500 is at 5893, with overbought conditions warranting caution.
In the last three or four days, the market has tried to rebound, but it has not found any upside followed through yet, suggesting that perhaps investors are sitting on their hands awaiting some key driver to push the markets further higher from here. However, a quieter macro and earnings calendar means the potential for profit-taking could further weigh on the market and possibly cause a downward shift in the near term.chart is at 5893.
In terms of resistance levels to watch, the first one comes in at 5951, which has held in the last few days. A move above that level could pave the way for 5990, which is the base of the recent breakdown, and then you have the all-time high coming at 6053.Meanwhile, it is worth remembering that the market remains at severely overbought levels on higher time frames, such as the monthly. Indeed, if you look at the monthly RSI, it is sitting at above the 70.0 threshold.
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