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The benchmark US S&P 500 Index rose yesterday to make a new all-time high just a few points below 6,500, but closed almost unchanged on the day.
- Stock markets are looking quite bullish after the S&P 500 Index made a new all-time high at about 6,490, although it fell just before close to end the day almost unchanged. Tech giant NVIDIA reported a forecast of decelerating growth just after the bell ended the New York session, leading that company's shares to drop by 4% in after-hours trading. Trend traders will still be interested in being long of the S&P 500 Index, although the low volatility of recent up days increases suspicion that there will soon be a sharp drop. It is also notable that the big round number at 6,500 remains untouched. Asian indices are mostly higher, notably the KOSPI and the Nikkei 225.
- Gold is rising again within its long-term bullish consolidation which is capped by the all-time high at about $3,500. The length of the build-up suggests that any eventual bullish breakout might be explosive.
- The Forex market remains mostly uninteresting with low volatility and little significant directional movement. Prices have barely changed over today's Asian session.
- There will be a release of US Preliminary GDP data today, which is expected to show annualized growth of 3.1%, up one tick higher from last quarter's growth of 3.0%.
- There will also be a release of US Unemployment Claims data