S&P 500 Closes Near Record High As Stocks Turn Higher

Stocks are looking optimistic this week, with the S&P 500 making some decent gains today and getting closer to last week’s record highs. On Friday we saw a steep reversal, however judging by the price action this week and the lack of follow-through, the dive was most likely due to month-end and Q2 cash flows.

S&P 500 and NASDAQ Performance

S&P 500 Daily Chart

The S&P 500 index reached a new session high of 5,510 points and approached the record level set on Friday before reversing downward. The highest record level was 5,523.64, set on June 28. Meanwhile, the NASDAQ index is up more than 100 points, surpassing 18,000 points. After closing at a record yesterday, any positive movement today would set a new all-time high.

Tesla Makes Impressive Gains

Tesla reported improved deliveries today, with figures showing 444K compared to 387K in Q1. This positive news has driven Tesla shares up by $19, or almost 9%, to $231.26. This follows a 6% increase yesterday. The stock price has surged 37% since the recent low of $167 on June 11 and 64.53% since the 2024 low of $138.80 on April 22.

Tesla Stock Technical Analysis

From a technical standpoint, Tesla’s price gapped upward, moving above and away from the 50% midpoint of the decline from its high in July 2024, which was $219. Maintaining above this level indicates a more bullish outlook in the near term. Following this, the next target is the peak price for 2023, which was just under $300.

Overall, the positive sentiment in the stock market, coupled with strong individual performances like Tesla’s, suggests a potentially bullish trend as investors react to favorable data and company reports.

S&P 500 Live Chart

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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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