The S&P 500 Index continues to hold above the 5,200 mark in today’s trading session. The U.S. stock market exhibited minimal fluctuations during Tuesday evening’s trading, despite Wall Street’s somewhat muted response to significant producer inflation figures. All eyes are now turned to the upcoming release of the Consumer Price Index (CPI) data, which is keenly awaited by investors for further clues on the economic direction.
In a recent statement that seemed to steady the market nerves, Federal Reserve Chair Jerome Powell noted that the current fiscal policies might be adequate, hinting at a potential pause in the rate hikes for 2024. This has injected a cautious optimism into the market atmosphere, even as the latest data on producer prices, which exceeded forecasts, ramps up the anticipation for the CPI announcement.
In the futures market, the S&P 500 Futures held their ground, Nasdaq 100 Futures lingered close to a one-month peak, and Dow Jones Futures were stable, reflecting a wait-and-see approach among investors.
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Technical analysis
Time Frame: 1 hour
USA500 Support & Resistance Table – 15/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 5297.06 | Daily R2 |
| Resistance 1 | 5287.18 | Daily R1 |
| Support 1 | 5260.82 | Daily S1 |
| Support 2 | 5250.94 | Daily S2 |
USA500 Indicator Table – 15/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Buy |
USA500 Indicator / Period Table – 15/05/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Sell | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
USA500 15/05/2024 – Reference Price : 5274.32
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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