S&P 500

  • SPX

  • $5,943

  • +0.64%

  • $5,934

  • $5,947

  • $5,875

Ticker Appearances

Wed, November 20, 2024 | 10:39AM ET

⚡ FlashInsights

Wed, November 20, 2024 | 10:39AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
S&P has retraced between 50% -61.8% of the entire bounce from yesterday's lows, and this area, for those looking for tradable support, looks attractive - 5894-5900 in ES 1.23% _F (S&P December Futures) and the area near yesterday's lows will also be of paramount importance for ^SPX 0.64%  which is at 5855. if this area is broken, then this would invite further selling down into Thur/Friday before the bounce into Txgiving gets underway. Early market breadth is around 2/1 negative, with Staples the largest underperforming sector. Technology and Industrials round out the #2 and #3 worst performing this morning, while Energy, Materials, healthcare and Comm. Svcs are all positive. US Dollar is up around +0.50% while TNX is flat on the session.
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Wed, November 6, 2024 | 12:15PM ET

⚡ FlashInsights

Wed, November 6, 2024 | 12:15PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
Today's gap back to new all-time highs is a technical positive for risk assets, as the Trump win has led Cryptocurrencies, Small-caps, and Transportation stocks to all make constructive breakouts. Market breadth is a bit less than desired, at only 3/2 positive, but the movement in Financials, Industrials, Technology are indeed quite constructive in the short run. ^SPX 0.64%  likely could have resistance from 5950-6000 on this rise, and as this chart shows, it looks like the fifth wave from August is underway. While this has bullish implications, it also likely will require consolidation before being able to push up into and through November and into year-end. I'm still of the opinion that the back half of November could be down, so important to watch market breadth carefully and what participates on any additional rally post FOMC.
Tickers
Mon, November 4, 2024 | 12:36PM ET

⚡ FlashInsights

Mon, November 4, 2024 | 12:36PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
^SPX 0.64%  downside could be limited at an area near early October lows for now, which intersects near 5673. As shown on this hourly charts, prices have largely grinded sideways for a month, but had a clear "open gap" back on 10/31 last week which normally represents a "Wave 3" of an ongoing wave 5 pattern. The resulting bounce attempt into Friday failed and now we're seeing a pullback to an hourly close under late last week. Overall, this shouldn't prove too damaging for now and should result in US Equities trying to bottom out into Election day, as uncertainty, (at least in congressional races) should give way to certainty. I expect a push back to new highs over the next week, but one where breadth should be watched carefully for signs of waning. Thus, if Technology does the heavy lifting and not much else participates, this would be be a near-term troublesome sign but one which would likely lead to a late November decline in Equities. At present, the shape of this minor consolidation since the mid-October peak does not appear too damaging, technically. (Hourly ^SPX 0.64%  chart shown below)
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Thu, October 31, 2024 | 12:01PM ET

⚡ FlashInsights

Thu, October 31, 2024 | 12:01PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
^SPX 0.64%  has shown more damage and has undercut last week's lows. However, here also, price has not shown sufficient deterioration yet to think that the index has peaked out. There very well could be a relief rally into US Election given AAPL 0.35%  AMZN -2.17%  META -0.61%  earnings on deck which provide a bounce, but one that ultimately proves short-lived around mid-November. Ideally from an Elliott-wave perspective, SPX could make a minor new high into November and then began a decline into late November, technically. For now, as this chart shows, there looks to be ample technical support, making this morning's decline a probable good risk/reward for traders to bottom today or tomorrow for a push back higher, which might be led by large-cap Technology
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