The S&P 500 index is trading higher after a surge in healthcare stocks lifted the index. Shares listed in the healthcare subsector rose 0.78%, as did the Financials (0.83%) and Real Estate (0.10%) sectors. Even the Energy index, which started negatively, eventually rallied to gain 1.40%.
Shares of tech giant Apple was also a standout performer among the stocks listed in the Technology index, gaining 1.62% on the day. The continued fall in long-term US bond yields is also helping drive investment flows into the US markets.
The S&P 500 index is trading 0.58% higher as of writing.
Technical Levels to Watch
The intraday bullish move is targeting a retest of the 26 July high at 4422. A break of this area allows the S&P 500 index to aim for the 4453 price mark, where the 100% Fibonacci extension level is found. Above this level, 4561 (127.2% Fibonacci extension) forms another potential barrier to the north.
On the flip side, a decline below the 4393 price mark (13/14 July highs) targets 4368, with 4324 and 4275 serving as potential targets to the south. If the correction extends deeper, 4257 and 4220 may come back into the picture.