S&P 500 – Records on AI, While Everything Else Gets Ignored
The S&P 500 and Nasdaq closed at new record highs to start the week, and markets in Asia did the same. One thing is doing the work: AI stocks. Take out a handful of big tech names, and the rally looks far less impressive.
Meanwhile, the Iran war still has no deal, oil is drifting back up, and inflation just hit a three-year high. A month ago, traders argued about rate cuts; now a rate hike is back on the table.
This kind of rally can run for a while. The problem is that it depends on one story. If the mood on AI turns, there's not much else underneath to hold prices up.
The jobs report this week is the next test. A strong number feeds the rate-hike worry. A weak one raises fears about the economy. For a market sitting this high, both carry more risk down than room up.
S&P 500 key levels:
- Resistance 7,550, then 7,600.
- Support 7,400, then 7,300.
By Born2trade market research department
Risk Disclaimer: All research and/or forecasts above reflect the author's personal opinion and cannot be treated as trading advice. born2trade is not responsible for any trading results based on any information in this article. Trading Forex and CFDs carries a high level of risk to your capital. You may lose all of your invested funds. Forex and CFD trading may not be suitable for all investors. Please ensure that you fully understand the risks involved and, if necessary, seek independent advice.
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