US Session: Positive Sentiment – SP500 and Nasdaq Start Trading Fresh ATH.

Positive sentiment for today’s session – Nvidia’s report yesterday boosted risk appetite in global markets, highlighting the continuing euphoria surrounding artificial intelligence.
-Indices in Europe are trading higher, and Sp500 and Nasdaq futures are at fresh ATH before the start of the Wall Street session.

The S&P 500 is about to mark its 25th FRESH ATH in the current BullRun. In large part, the market’s gains are due to the technology sector, which has received a nitro boost from AI penetration, significantly raising company earnings expectations.

Bullish momentum gets new support, with Nvidia’s results boosting demand for AI-related companies, especially chipmakers.
-Only in PreMarket trading, Nvida rose in price by a little under 7%, which equates to a nearly $170 billion increase in market capitalization. To put the scale in perspective, Nvidia’s growth today alone is greater than the entire market capitalization of Intel, for example.

In focus during the state session today:

• 4:45 p.m. – S&P PMI index
• 5:00 p.m. – Sales of new homes
• 10:00 p.m. – Bostick’s statement /FED/
• 11:30 p.m. – The Fed’s balance sheet.

THE TECHNICAL PICTURE AT SP500 – DAILY CHART

1. Long Trend with session opening on FRESH ATH
2. DeMarker Oscillator in overbought territory
3. Sequential with ascending printing

I expect a positive state session, with Bullish sentiment continuing to dominate trading. The SP500 will likely attempt to close above $5,350.
Alternatively: A failed attempt to close above $5,350 will leave the trade in a narrow range between the $5,320 and $5,350 levels.