Currently, the S&P 500 Index, often referred to as the USA500, is positioned just beneath the 5200 mark. This observation comes on the heels of a slight uplift in stock futures during Sunday’s overnight trading, a breather after the market’s pullback in the exhilarating rally of 2024.
The futures for the Dow Jones Industrial Average demonstrated a positive adjustment, ascending by 55 points. Concurrently, futures for both the S&P 500 and the Nasdaq 100 showed marginal gains of 0.1%. This modest uptrend follows a period of downturns witnessed in the preceding week, where the rally of 2024 momentarily decelerated.
Reflecting on the past week, the Dow Jones Industrial Average recorded a downturn of 2.3%, its most significant weekly setback since March 2023. The S&P 500 wasn’t spared either, as it saw a contraction of nearly 1%, its steepest weekly slump since the outset of January. On another front, the Nasdaq Composite, with a substantial emphasis on technology equities, dipped by 0.8%, marking its fourth decline in the past five weeks.
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Technical analysis
Time Frame: 1 hour
USA500 Support & Resistance Table – 08/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 5297.20 | Daily R2 |
| Resistance 1 | 5276.54 | Daily R1 |
| Support 1 | 5221.46 | Daily S1 |
| Support 2 | 5200.81 | Daily S2 |
USA500 Indicator Table – 08/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Neutral |
| Stochastic ( 9;6;3) | Sell |
USA500 Indicator / Period Table – 08/04/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Neutral | Buy | Buy |
| SMA 20 | Sell | Buy | Buy |
USA500 08/04/2024 – Reference Price : 5247.58
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (0)Sell (2) |
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