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XTB TRADEBEAT

US500 flirting with the 2700 level

Summary:

  • US stock markets set for record open
  • US500 makes intra-day high just shy of 2700
  • ISM manufacturing and FOMC minutes to be released later today

US stock markets have experienced a far surer start to the new year than their counterparts on this side of the Atlantic with the US500 ending Tuesday’s session at a new all-time closing high of 2694. On an intra-day basis the market fell just short of its prior peak of 2698 yesterday but this morning has seen further upside and the market is now flirting with the big 2700 level.  

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 The US500 has made a new all-time high this morning at 2699.1 after ending Tuesday at its highest ever closing level. Source: xStation

Since a strong move higher following the Fed meeting last month the market has been quiet over the festive period with a narrow trading range of around 20 points. However the recent move to the upside could be seen to indicate a breakout and if the US session sees more buying then their could be further upside ahead above the 2700 level. 

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 The market is attempting to break out to the upside after a period of consolidation. Source: xStation

On the data front there’s the ISM manufacturing PMI for December due out at 3PM (GMT) before the minutes are released from last month’s Fed meeting at 7PM (GMT). Expectations are pretty high for the ISM number with a reading of 58.1 expected against a prior reading of 58.2. The release of the Fed minutes are unlikely to see any major revelations but the December decision was greeted warmly by the markets and any dovish comments may well provide further fuel for stocks.  

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