^GSPC Today, January 31: Holds Near 7,000 After Fed Stays Pat
S&P 500 today is steady near the 7,000 mark after the Fed kept rates unchanged and offered no surprise. The index last traded near 6,939, off 0.43%, with a session range of 6,893 to 6,964 and a record high at 7,002. Traders weighed mixed Big Tech earnings as Nasdaq today edged higher. For Australian investors, the move shapes USD exposure, local tech sentiment, and ASX-listed S&P 500 ETFs. We outline what matters now and the levels to watch.
Fed pause keeps risk mood measured
The Fed held rates unchanged, matching market expectations and keeping rate cut hopes intact for later this year. That helped the index hold ground near 7,000, with breadth modest and dips well bid. Coverage confirmed no major policy shift, supporting a soft landing view for now source.
Stable policy kept US yields range bound, which limited currency swings. For Australians, that reduces near term FX noise when holding USD assets. A calmer dollar can lower hedging costs around event risk. Guardian live coverage highlighted the 7,000 milestone as sentiment support source.
Earnings skew and Nasdaq today
Results from large tech names produced mixed reactions, leaving Nasdaq today slightly firmer while the broader gauge was flat. This keeps leadership narrow and sensitive to guidance. Revenue quality, AI capex plans, and margins are the key filters. Beats are rewarded, but misses see quick multiple resets.
Forward multiples lean on mega cap cash flow, so earnings revisions matter more than headline beats. Market internals show steady, not strong, breadth. That helps explain why the index can stall near 7,000 even as some leaders rise. Watch guidance on cloud, advertising, and chip spend for the next leg.
Technical picture for the index
Momentum is constructive but not stretched. RSI sits at 57.5, MACD is above its signal (31.73 vs 28.95), and ADX at 12.2 signals a weak trend. Money Flow Index at 66.7 shows healthy demand. On balance volume remains firm, aligned with a 1-year gain near 14.3% and YTD up about 1.15%.
Bollinger bands frame resistance near 6,980 and support at 6,866, with the lower band at 6,752. The all-time high is 7,002. The Average True Range near 59 suggests contained swings. A sustained close above 7,000 opens room to 7,050, while slips toward 6,870 may invite buyers again.
Implications for Australian investors
With policy steady, FX headwinds may ease for AUD-based holders of US assets. Partial hedging can smooth drawdowns if the US dollar rallies. For dollar-neutral investors, consider hedged S&P 500 exposure during event-heavy weeks. Use staged entries around ATR-sized moves to avoid poor fills.
ASX investors often access the US market through S&P 500 ETFs listed locally. These provide broad mega cap exposure with simple tax reporting. Position sizing should reflect US tech concentration and earnings dates. Rebalance around index milestones and use volatility bands to set add or trim points.
Final Thoughts
S&P 500 today is holding near 7,000 after a steady Fed and mixed Big Tech updates. Momentum remains positive, but the trend is not strong, so progress may be slow without clearer earnings upgrades or a softer inflation path. For Australians, the subdued dollar and contained volatility support measured risk taking. Focus on key levels at 6,980 to 7,002 on the upside and 6,866 to 6,752 as nearby support. Use staged orders and consider hedging around major data and earnings clusters. Keep watch on cloud, AI, and chip guidance, since those themes still drive leadership and market direction.
FAQs
What moved the S&P 500 today?
The index held near 7,000 after the Fed kept rates unchanged and signalled no major shift. Traders also weighed mixed Big Tech earnings, which left leadership narrow. The result was a tight range near recent highs, with stable yields helping risk appetite but not enough to extend gains decisively.
How does the Fed rate decision affect Australian investors?
A steady policy stance helped keep US yields and the dollar calm. That reduces currency noise for AUD-based portfolios with US exposure. It also supports equity valuations by anchoring discount rates. For local investors, it may favour holding risk while using selective hedging around major data or earnings.
What levels matter for S&P 500 near term?
Key resistance sits near 6,980 and the record high at 7,002. First support is around 6,866, then 6,752. The Average True Range near 59 points to contained daily swings. A close above 7,000 would signal momentum follow-through, while dips toward the mid-band often attract buyers.
How did Nasdaq today compare to the broader market?
Nasdaq today edged higher as some tech leaders gained after earnings, while the broader benchmark was roughly flat. This reflects narrow leadership linked to AI, cloud, and chips. If breadth improves, both indexes could advance together. If not, the broader gauge may lag during pullbacks.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
