S&P 500 index: Can it rekindle its spirit?
Main U.S. equity index futures mixed, little changed
ADP national employment > est; Q3 GDP advance < est
Euro STOXX 600 index slides >1%
Dollar, gold post modest gains; crude up ~2%; bitcoin dips
U.S. 10-Year Treasury yield edges down to ~4.26%
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S&P 500 INDEX: CAN IT REKINDLE ITS SPIRIT?
In surpassing its July peaks on Tuesday, the Nasdaq composite .IXIC finally scored fresh record highs. However, traders are now eyeing S&P 500 index .SPX levels closely given that it has now become the laggard.
With its 5,832.92 close on Tuesday, the benchmark index ended down 0.54% from its 5,864.67 October 18 record finish, and down 0.77% from its 5,878.46 October 17 record intraday high.
This after the S&P 500 saw another spooky turn in mid-October around a Fibonacci-based time projection from the week of its 2022 bear-market low.
Weakness has so far proved shallow, but in the event the S&P 500 breaks its October 23 low at 5,762.42, downside pressure may intensify putting additional support levels at risk:
The rising 10-week moving average (WMA) is now around 5,715, and there is chart congestion in the 5,674-5,651.62 area.
The rising 20-WMA is now just over 5,600. Since reclaiming the 20-WMA on a weekly closing basis in early November 2023, the SPX has not registered a weekly close back below it.
A thrust to new highs would keep the SPX focused on the 6k psychological level, as well as a long-term resistance line from its 1929 high, which, on a monthly basis, resides around 6,035 this month.
(Terence Gabriel)
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FOR WEDNESDAY'S EARLIER LIVE MARKET POSTS:
A GOLDEN YEAR - CLICK HERE
TRUMP MEDIA PRIMED FOR SHORT SQUEEZE DAYS BEFORE U.S. ELECTION - CLICK HERE
SMALL CAPS' STRUGGLES - CLICK HERE
STOXX AT FIVE WEEK LOW - CLICK HERE
EUROPE BEFORE THE BELL: RESULTS FIRST, BUDGET LATER - CLICK HERE
BUDGET, GDP AND TECH EARNINGS - CLICK HERE
SPX10302024 https://tmsnrt.rs/3C0YZnc
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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