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

USA500 Analysis Technical analysis 15/05/2024

Time Frame: 1 hour

USA500 Support & Resistance Table – 15/05/2024

Support & ResistanceLevelExplanation
Resistance 25297.06Daily R2
Resistance 15287.18Daily R1
Support 15260.82Daily S1
Support 25250.94Daily S2

USA500 Indicator Table – 15/05/2024

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

USA500 Indicator / Period Table – 15/05/2024

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

USA500 15/05/2024 – Reference Price : 5274.32

BUYSimple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (1)

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