Pre Open US - US Indices 31 July 2023

S&P 500 futures registered a 0.1% increase, while Nasdaq-100 futures experienced a slight decline. The S&P has risen by 3% in July, marking its fifth consecutive positive month, a streak not seen since the seven-month period ending in August 2021. The tech-heavy Nasdaq Composite has also performed well, gaining 3.8% this month, achieving its fifth straight winning month.

Wall Street is currently benefiting from a favorable combination of factors, including disinflation, peak interest rates, and consistent growth trends. The ongoing earnings season has exceeded forecasts, propelling stocks to their highest levels in over a year, further bolstering the positive sentiment.

This week will be busy with more earnings reports, including notable companies like Apple Inc. and Amazon.com Inc. Additionally, there are key economic data releases, such as the US July non-farm payroll numbers, which may offer insights into the future direction of interest rates.

Nasdaq corrected from 15400 but 15900 a resistance level keeps being the challenge for any new higher highs. The Bullish long channel technically needs a correction after the actual rally.