Let’s take a look at the Dow Jones Industrial Average chart. The S&P 500 extends its advance after breaking above a month-long downward trend line, as we can see on the daily chart (chart by courtesy of ): On the other hand, the resistance level is at 4,525-4,555, marked by the previous local highs and the early September topping pattern. The next support level is at 4,440-4,450, marked by the last Friday’s daily gap up of 4,439.73-4,447.69. The support level is now at 4,485-4,500, marked by the yesterday’s daily gap up of 4,488.75-4,496.41 and the previous resistance level. However, there have been no confirmed negative signals so far.

The market seems overbought in the short-term.

Today we will get the TSLA earnings release and tomorrow INTC, among others. The quarterly corporate earnings releases are positive for the market and they are only starting to gain traction. The broad stock market’ s gauge went closer to its Sep. The S&P 500 index gained 0.74% on Tuesday, Oct 19 after breaking above the 4,500 price level.

Will the S&P 500 reach the new record high? Stocks prices got even higher yesterday, as investors reacted to corporate earnings releases.

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