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

USA500 Analysis Technical analysis 08/04/2024

Time Frame: 1 hour

USA500 Support & Resistance Table – 08/04/2024

Support & ResistanceLevelExplanation
Resistance 25297.20Daily R2
Resistance 15276.54Daily R1
Support 15221.46Daily S1
Support 25200.81Daily S2

USA500 Indicator Table – 08/04/2024

IndicatorSignal
SMA 20Sell
SMA 50Sell
SMA 100Sell
MACD( 12;26;9)Sell
RSI (14)Neutral
Stochastic ( 9;6;3)Sell

USA500 Indicator / Period Table – 08/04/2024

Indicator / PeriodDay – SellWeek – BuyMonth – Buy
MACD( 12;26;9)SellBuyBuy
RSI (14)NeutralBuyBuy
SMA 20SellBuyBuy

USA500 08/04/2024 – Reference Price : 5247.58

SELLSimple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (0)Sell (2)

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