S&P 500, Nasdaq Reverse Early Gains as Investors Await Nvidia Results

US yields were marginally lower on Tuesday but remain elevated, placing pressure on US stocks as the bond market expresses the likelihood that interest rates will need to remain higher for longer as long asdata continues to show a phenomenal resilience. With flash PMI data due tomorrow and Jackson Hole on Thursday and Friday, this week offers very little from a scheduled risk point of view but keep an eye on Nvidia earnings tomorrow after market close.

The daily chart revealed a gap higher at the open but soon closed the gap between yesterday’s close and today’s open. The bearish move that ensued since printing the yearly high at 4607 in July remains in tact but has found support at 4325. The temporary reprieve form the selloff looks to 4450 as possible resistance and could see the index trading between 4325 and 4450 if market direction becomes less clear.

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