S&P 500

  • SPX

  • $5,791

  • -0.46%

  • $5,813

  • $5,833

  • $5,793

Ticker Appearances

Tue, October 29, 2024 | 4:05PM ET

⚡ FlashInsights

Tue, October 29, 2024 | 4:05PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
From a price perspective of indices like ^SPX -0.46%  or NASDAQ, the US Stock market has rebounded impressively today and Technology has managed to gain further ground, but is doing so while many sectors aren't participating. There are eight sectors which finished negatively today, with Utilities and Energy are showing the worst underperformance. However, i expect that the 5 "Magnificent 7" stocks reporting earnings today will be able to successfully lift SPX back to new highs into early November ahead of a period of consolidation. The so-called "Trump Trade" assets which have been working well might all encounter a "Buy the rumor, sell the news" type reaction come Election day, with possible reversals in ^TNX -0.19% , DXY and eventually in IWM -0.19%  and ^SPX -0.46% . For now, i expect this Tech led rally to continue, and any move over 5863 should help SPX gain ~100 points into early November. See this consolidation pattern shown below.
Tickers
Fri, October 25, 2024 | 11:33AM ET

⚡ FlashInsights

Fri, October 25, 2024 | 11:33AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
Very constructive move this morning in US Equities and Technology has achieved a minor breakout with S&P moving up above 5821 and QQQ having pushed up to the highest levels since July- This is a clear positive that should allow for October seasonality trends for Election years to carry prices up temporarily to new highs into end of month, in my view (Unless today's early move is erased completely by end of day, which i feel is unlikely) My view is QQQ will move to 505 and SPX above 5865 should allow for 5950-6000 area. However, breadth could wane on this final move which might be led by Tech only and not be broad-based. As of today, Equal-weighted Technology is the only sector up more than 1% on the day. While the path for Equities should still face weakness in November in my view, today is a bullish short-term development and likely will carry up a bit higher. Hourly chart of ^SPX -0.46%  shown
Tickers
Thu, October 24, 2024 | 1:17PM ET

⚡ FlashInsights

Thu, October 24, 2024 | 1:17PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
US Equity markets are fractionally positive after giving back some of this morning's early gains. Yet there's no guarantee that a larger market correction has begun just yet given the structure of the decline since 10/17 and the lack of larger trend damage. To have faith that equities are beginning to retreat, ^SPX -0.46%  normally starts this process out by moving lower in a 5-wave decline. Currently we've seen three waves and the area near 5820-1 (which i pointed out as minor support in recent reports) now takes on importance on movement to the upside. It held early this morning, but any break back above 5721 means that SPX has begun a probable 1 week advance into end of month before any more damage starts in November. This Hourly chart has the most importance for those seeking guidance on what the weeks ahead will hold. For now, we need to be focused on 5821, while a move back under 5762 creates a more bearish near-term scenario.
Tickers
Wed, October 23, 2024 | 1:03PM ET

⚡ FlashInsights

Wed, October 23, 2024 | 1:03PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
Into mid-day, we've seen ^SPX -0.46%  slide accelerate, price has undercut lows of the last week & set to finish at the lowest levels on a closing basis since 10/9. This week is seasonally the most difficult time of October in Election years, but weakness this week normally can bounce into end of month and that might also happen this year. For now, the area at 5746-5767 looks important as support into tomorrow. Technology is leading all other sectors lower today, while Energy is a close 2nd. Eight sectors out of 11 are down, while Advance/Decline is showing around -3.5/1 negative market breadth. While support might be reached tomorrow followed by a brief bounce, the downturn in breadth and momentum coupled with bearish cycles, and Technology underperformance is a problem heading into Election time, along with the threat of an uptick in geopolitical violence given a likely retaliation in the Israel/Iran situation.
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