The USA500 index is currently hovering just below the 5,200 level, indicating a cautious market sentiment. Recent developments in the U.S. stock market have investors on alert, with key factors influencing market dynamics.
In evening trading on Thursday, U.S. stock index futures experienced a downturn, extending slight losses observed during the session. This downward trend was driven by concerns over hotter-than-expected inflation readings, raising uncertainty ahead of the Federal Reserve’s upcoming meeting.
Particularly notable was the decline in technology stocks, especially those in the chipmaker sector with exposure to artificial intelligence. Heavy profit-taking ensued amidst fears of prolonged periods of higher interest rates, contributing to significant losses in the tech sector.
During the session, the Dow recorded a 0.4% decrease, while both the S&P 500 and the Nasdaq Composite saw declines of approximately 0.3%.
Key Takeaways:
- Market Volatility: The USA500 index’s proximity to the 5,200 level reflects cautious sentiment amid recent market volatility.
- Inflation Concerns: Hotter-than-expected inflation readings have raised apprehensions among investors, impacting stock index futures and contributing to evening losses.
- Tech Sector Performance: Steep losses in technology stocks, particularly chipmakers, underscore concerns over potential implications of higher interest rates on the sector’s profitability.
Technical analysis
Time Frame: 1 hour
USA500 Support & Resistance Table – 15/03/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 5250.13 | Daily R2 |
| Resistance 1 | 5233.36 | Daily R1 |
| Support 1 | 5188.64 | Daily S1 |
| Support 2 | 5171.87 | Daily S2 |
USA500 Indicator Table – 15/03/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
USA500 Indicator / Period Table – 15/03/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Sell | Buy | Buy |
| SMA 20 | Sell | Buy | Buy |
USA500 15/03/2024 – Reference Price : 5213.82
| SELL | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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