S&P 500 technical analysis: index on a winning streak

The S&P 500 has had a phenomenal run for the past week, as we see by looking at S&P 500 technical analysis. The index has managed to show growth for 7 days straight after gaining 0.30% over the last session. This marks the best streak the index has had since November 2021. We saw the Nasdaq advance by 0.90%, showing 8 days of consecutive gains. Finally, the Dow Jones improved by nearly 0.20%, another week-long streak.

Stock futures in the US crept down this Wednesday after the Nasdaq and S&P 500 showed these persistently positive gains. So, the futures for both of these indices did suffer we see when we compare the Nasdaq vs the S&P 500, with S&P 500 futures lowering by 0.07% and the Nasdaq 100 down by 0.10%. Furthermore, futures for Dow Jones futures lowered by 0.06%.

The main reason for this seems to be the exceptional performance of many US companies. 80.00% of the companies that the S&P 500 represents outdid their earnings expectations, to the glee of their investors. S&P 500 forum analysis appears to view this movement positively. However, we should also keep in mind that demand is slowing down for many of these companies. This led to only 59.00% of these companies improving upon expectations for revenue. This is quite a stark difference between these 2 figures, and we have not seen such a contrast since 2015 according to analysts.

Tech may be leading a large part of this upward momentum. Many of these firms have already reported on their earnings, which sets up a positive mood for others in US markets. This could, therefore, lead to a positive environment going into 2024. The central bank is finally taking a step back, letting markets shine.

Some analysts have expressed that the economy could be in a vital growth period. Everything seems to be lining up to support the shift, as we can see with this S&P 500 technical analysis.