Stocks Reach New Records, but Is There Any Room Left?

The U.S. stock market indexes gained 0.3-0.8% on Wednesday, slightly extending their uptrend, as investors sentiment improved ahead of quarterly earnings releases, among other factors. The S&P 500 index reached the new record high of 3,002.98 yesterday. It gained more than 270 points from its early June local low of around 2,729. The Dow Jones Industrial Average gained 0.3% and the Nasdaq Composite gained 0.8% on Wednesday.

The nearest important resistance level of the S&P 500 index remains at around 3,000. On the other hand, the support level is at 2,985, marked by the yesterdays daily gap up of 2.981.90-2,984.62. The support level is also 2,975, marked by the previous Wednesdays daily gap up of 2,973.21-2,977.96.

The broad stock market broke above its short-term consolidation on Wednesday a week ago and it got to the 3,000 mark. Is this a real bullish breakout above the last years September-October topping pattern? The market remains relatively close to the previous medium-term highs:

Positive Expectations, Will Uptrend Continue?

The index futures contracts trade 0.3% above their Wednesdays closing prices, so expectations before the opening of todays trading session are slightly positive. The European stock market indexes have been mixed so far. Investors will wait for some economic data announcements today: Consumer Price Index, Unemployment Claims at 8:30 a.m., There will also be another Fed Chair Powell Testimony at 10:00 a.m.

The S&P 500 futures contract trades within an intraday consolidation, as it remains close to the new record high. The nearest important resistance level is at around 3,005. On the other hand, the support level is at 2,985-2,990, among others. The futures contract trades along the last weeks high, as the 15-minute chart shows:

Nasdaq Closer to 8,000

The technology Nasdaq 100 futures contract follows a similar path, as it

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