The USA500, more commonly known as the S&P 500, is showing robust performance, trading around the 5,200 level. Thursday’s market session concluded on a positive note, primarily driven by notable gains in the technology sector. This uplift in the market sentiment is largely due to recent economic data indicating a slowdown in producer price inflation, which has slightly tempered concerns over aggressive inflationary pressures.
This encouraging development came just as the financial community braces for upcoming earnings reports from major Wall Street banks. In terms of performance metrics, the Dow Jones Industrial Average advanced by 75 points, achieving a modest increase of 0.2%. Meanwhile, the S&P 500 experienced a more pronounced rise, surging by 0.89%. The NASDAQ Composite outperformed with a gain of 1.7%, reflecting heightened investor optimism in the tech sector.
The latest figures from the U.S. Bureau of Labor Statistics reveal that producer prices in March rose by a mere 0.2%, which is slightly below the 0.3% increase that analysts had anticipated. On a year-over-year basis, the rise in producer prices stood at 2.1%, also marginally lower than expected. This data provides a nuanced perspective following a report from the previous day, which highlighted a higher-than-anticipated rise in consumer inflation for March. This sequence of economic reports has dampened some hopes for a potential rate cut by the Federal Reserve in June.
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As we move forward, market participants will be keenly focused on the forthcoming earnings season, which is expected to provide further clarity on the health of corporate America and potentially influence future market directions.
Technical analysis
Time Frame: 1 hour
USA500 Support & Resistance Table – 12/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 5295.31 | Daily R2 |
| Resistance 1 | 5273.32 | Daily R1 |
| Support 1 | 5214.68 | Daily S1 |
| Support 2 | 5192.69 | Daily S2 |
USA500 Indicator Table – 12/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
USA500 Indicator / Period Table – 12/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
USA500 12/04/2024 – Reference Price : 5245.20
| BUY | Simple Moving AverageBuy (1)Sell (2)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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