The S&P 500 pushed to a fresh all-time high in early U.S. trading, extending above its prior record. The Nasdaq Composite outperformed but still needs to clear a resistance level before it can target new highs of its own.
The S&P 500 climbed 0.61% to a fresh all-time high, extending above its previous record. Buyers stayed in control as the index broke through the old ceiling and kept pushing higher.
That move takes the index above the previous all-time high of 7,620.90. The former resistance zone between 7,577.92 and 7,620.90 now works as support. As long as the S&P 500 holds above that band, the technical bias favors the bulls.
Meanwhile, the Nasdaq Composite is outperforming, rising 1.2% to 26,235.70. However, it still has one hurdle before it can extend further to the upside.
The next key resistance sits at 26,301.54, the ceiling that held from late June through mid-July. A sustained break above that level would strengthen the bullish case and shift focus to the swing highs between 26,559 and 26,788 set in early June. Clearing those levels would put the all-time high of 27,190.21 back in view.
Source: Investinglive
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