S&P 500 Analysis 07/01: Record Levels Challenged (Chart)

(MENAFN- Daily Forex) The S&P 500 is managing its rather impressive move upwards with sustained action near the 6,940.00 ratio as of this writing during early futures trading today.

While the sound of cautious investors regarding the Nasdaq 100 remains a constant ringing in the ears via media, the S&P 500 continues to exhibit signals that it cannot be held back. The S&P 500 as of this moment during futures trading is around the 6,640.00 mark. Yesterday's highs achieved record apex marks around 6,955.00.

Yes, light holiday trading has been a constant the past couple of weeks, and full volume has not returned yet to the marketplace, but there is no denying the S&P 500 continues to show rather aggressive investor behavior. Fears of possible contagion regarding negative sentiment surrounding the Nasdaq 100 and infecting the S&P 500, could equally be turned around and perhaps noted that the stronger action on the S&P 500 is helping the Nasdaq 100 actually maintain some semblance of positive thinking Towards Return of Full Volume

Incrementally volumes should increase today and into tomorrow as investors return to their trading desks. Friday will be a big day for the markets because U.S economic data will be important via jobs numbers, wages, and consumer sentiment statistics set to be published on the 9th. The Non-Farm Employment Change numbers combined with the Average Hourly Earnings will get the attention of investors. The statistics will also impact outlook regarding interest rates from the Federal Reserve via its FOMC decision coming in late January.

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The upwards momentum in the S&P 500 has been solid the past handful of trading sessions, but more remarkable is the ability of the index to sustain positive traction. However, as volumes slowly come back to normal day traders must be ready for the possibility that conflicting outlooks will collide. The 7,000.00 target way above is enticing, but still overly ambitious for most short-term traders to bet upon Pace and Climbing Upwards

If the S&P 500 can maintain the current values its traversing later today and keeps positive sentiment a driving force, new record highs can be achieved.

• Speculators looking to ride the trend higher may be logically correct, but they still need risk management to protect against sudden surprises.
• Market conditions remain rather quiet for the moment, but this will change certainly on Friday when a parade of important U.S economic data is published.
• Traders looking for fast results may find opportunities with the S&P 500 later today and tomorrow, but they will need solid take profit orders working in order to make sure sudden reversals do no make winnings disappear.
• Looking for the S&P 500 to challenge the 6,950.00 to 6,960.00 realms today doesn't feel farfetched.

S&P 500 Short-Term Outlook:

Current Resistance: 6,948.00

Current Support: 6,938.00

High Target: 6,964.00

Low Target: 6,936.00

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