The S&P 500 remains buoyant, trading above the 5,100 level as the latest trading session closed on a positive note, primarily driven by a strong performance in technology stocks. This uptick was fueled by impressive earnings announcements from tech giants Alphabet and Microsoft, which propelled the tech sector forward, while other sectors remained more subdued.
Despite the gains in technology shares, there’s a cautious sentiment across broader markets due to persistent inflationary pressures. Such economic conditions are increasingly suggesting that the Federal Reserve might sustain elevated interest rates for an extended period. Market participants are keenly awaiting the Fed’s upcoming meeting this week, which is anticipated to shed more light on future monetary policies.
In the most recent trading session, the S&P 500 Futures saw a modest increase of 0.1%, matched by similar gains in both the Nasdaq 100 and Dow Jones Futures. This cautious optimism reflects a market that is grappling with positive corporate earnings juxtaposed against macroeconomic uncertainties.
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Technical analysis
Time Frame: 1 hour
USA500 Support & Resistance Table – 29/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 5195.36 | Daily R2 |
| Resistance 1 | 5173.78 | Daily R1 |
| Support 1 | 5116.22 | Daily S1 |
| Support 2 | 5094.64 | Daily S2 |
USA500 Indicator Table – 29/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Neutral |
| Stochastic ( 9;6;3) | Buy |
USA500 Indicator / Period Table – 29/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Neutral | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
USA500 29/04/2024 – Reference Price : 5143.82
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (0) |
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