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SP500 071123 4h Chart
SP500 gains ground as traders focus on the strong sell-off in the oil markets. The sell-off was driven by economic reports from China, which indicated that exports declined by 6.4% year-over-year in October. Oil traders are worried that China’s demand for oil will be weak. Meanwhile, stock traders focus on falling oil prices, which will make Fed’s fight against inflation easier. In this light, it’s not surprising to see that Treasury yields are falling as bond traders prepare for rate cuts in 2024.

RSI remains in the overbought territory, so the risks of a pullback are rising. However, SP500 may gain additional upside momentum in case it manages to settle above the resistance at 4380 – 4400.

NASDAQ 071123 4h Chart
NASDAQ gained ground amid rising demand for tech stocks. The strong rally continues, and NASDAQ has been moving higher for eight trading sessions in a row.

In NASDAQ’s case, RSI is in the extremely overbought territory, so it remains to be seen whether the index will be able to settle above the resistance at 15,200 – 15,350 without a pullback.

Dow Jones

Dow Jones 071123 4h Chart
Dow Jones gained some ground amid a broad rally in the equity markets. Today’s move is not broad as half of the Dow Jones components are moving lower. Not surprisingly, Chevron is among the biggest losers in the Dow Jones index today as traders react to the strong sell-off in the oil markets.

If Dow Jones settles above the resistance at 34,000 – 34,150, it will head towards the next resistance at 34,650 – 34,800.

For a look at all of today’s economic events, check out our economic calendar.

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