Charting the Markets: Indexes Make a Run at New Highs
The S&P 500 tags a new all-time high intra-week and closes the week barely above 6,100.
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As we mentioned last week, the stock market had plenty of good to build upon (at least until this morning's hard hit from news of the Chinese artificial intelligence company DeepSeek.)
The past was a short trading week, but packed with plenty of action for the bulls and eventually the bears (and we'll see how today and this week play out, especially on the technology front). The drop on Friday was mild by a bull's standards, but it did put a halt to a nice streak of up sessions.
With the S&P 500 at new highs, where do we go from here? Let's keep our eyes on the other indexes, namely the Nasdaq and the Russell 2000. The former will have a slew of big earnings released this while the latter will be keeping a close eye on interest rates following the first Fed meeting of 2025.
To view this chart in a new window, click here.
The technical condition of the S&P 500 improved somewhat this week with the candles turning blue from teal (from cautiously bullish to full-on bullish), as we see in the top pane of the chart. It is the first time the weekly shows blue since December 2024. We expand out the chart here to show the recent move up and how much room is left in this channel to reach the top, which comes in around 6,500.
Now let's see whether the DeepSeek news affects that trajectory.
