Wall Street Edges Higher as S&P 500 Peaks Amid Energy Pressures

Wall Street experienced a relatively quiet trading session today. However, the S&P 500 still managed to drift higher to reach fresh record levels. Meanwhile, surging oil prices ultimately capped the broader market gains. As a result, the S&P 500 added 10.43 points (+0.15%) to close at 7,175.51. Similarly, the tech-heavy Nasdaq edged up by 39.54 points (+0.16%) to finish at 24,876.14. On the other hand, the Dow Jones Industrial Average (DJIA) traded mostly flat. It slipped slightly by 20.09 points (-0.04%) to end the day at 49,210.62.

Dow Jones Industrial Average (INDU)

The Dow Jones Industrial Average (DJIA) remained mostly flat during today’s session. Specifically, the index continues to hover tightly near its recent closing levels. Because the market currently lacks strong momentum, the price action is heavily consolidating. Therefore, traders are actively waiting for a clear directional signal. If buyers finally step in, they will aim to push the index back above the ascending orange trend line. Alternatively, a sudden bearish rejection will quickly target the underlying moving averages as solid support.

Coinbase Global, Inc. (COIN)

Coinbase Global (COIN) successfully printed a higher swing low recently. Following this positive development, the share prices attempted to move upward today. Furthermore, the stock managed to actively test the daily EMA 100 resistance. If the shares can decisively break out higher, strong bullish momentum will return. In that scenario, the daily EMA 200 and the upper purple box area will act as major resistance. On the other hand, the market might form one more bearish leg first. If that happens, we expect a downward movement toward the lower box support area.