S&P 500

  • SPX

  • $6,034

  • +0.98%

  • $6,007

  • $6,031

  • $5,987

Ticker Appearances

Tue, January 21, 2025 | 11:47AM ET

⚡ FlashInsights

Tue, January 21, 2025 | 11:47AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
Early gains this morning have moderated a bit, which has less to do with political reasons & more to do with just 5 out of 6 days of gains reaching resistance for ^SPX 0.98%  near 6021 and some evidence this morning of both US Dollar as well as TNX starting to stabilize. Still a very good day for Equal-weighted S&P 500, which is up nearly +0.92%, but most concentrating on QQQ note that QQQ 0.96%  is up just +0.11%. Today's gains are largely defensive, with REITS, Utilities, and Healthcare leading all greater than 1%, while Energy is the big laggard, with Crude declining nearly 2% on the day. For now, no evidence of a reversal which was thought possible this week technically, but this would be more on the radar on SPX decline under 5963
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Thu, January 16, 2025 | 12:40PM ET

⚡ FlashInsights

Thu, January 16, 2025 | 12:40PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
AAPL -3.38%  decline today is a minor negative given its weight within ^SPX 0.98%  and QQQ 0.96%  and as daily charts show, the stock is set to make the lowest daily close since mid-November. Given AAPL's importance within SPX, this stock remains important to concentrate on, and will need to stabilize before being able to suggest that a move back to new highs is imminent. Under 230 might very well lead to 220 in short run, but would be a very attractive risk/reward on any further weakness that undercuts 225 and will be right to watch for signs of bottoming.
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Tue, January 14, 2025 | 10:11AM ET

⚡ FlashInsights

Tue, January 14, 2025 | 10:11AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
PPI downside surprise along w/ Trump's advisors saying he will "gradually bring Tariffs in" (We'll see if he agrees with this) resulting in mild bounce for US equity futures this morning. While a bounce is certainly near, it still might take 3-5 days before a true low is in and I'm eyeing the Inauguration as having a potential better likelihood than now, as price patterns aren't yet complete from a wave perspective and DeMark counts are also not yet in place. However, for those that missed last nights report (which was sent out early this morning) i do detail 10 reasons why a larger than expected bounce is near. For now, it's important to watch for evidence of this bounce from 5814 in Futures taking a three-wave trajectory, which ultimately might result in yet more selling after CPI (as this doesn't necessarily need to follow PPI's path) The area near 5700 has more importance than 5800. However, breadth and momentum would improve on any further selling pressure and these divergences will also be something to watch over the next couple days. ES 0.54% _F S&P Front month futures shown below - Both ES_F and ^SPX 0.98%  still look possible to not get meaningfully above 5925 before turning back lower, as breadth wasn't as good as expected from yesterday's lows, and structurally the move does not look complete.
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Mon, January 13, 2025 | 10:50AM ET

⚡ FlashInsights

Mon, January 13, 2025 | 10:50AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
^SPX 0.98%  is growing closer to downside targets, and i anticipate a possible bottoming initially late Tomorrow/early Wed into CPI. Price has undercut 5800 and is now within 100 points of last November's lows. I'll detail all the reasons for this bottoming in tonight's Technical report but has largely to do with a combination of Oversold market breadth, prices hitting intermediate-term support, Elliott-wave analysis, DeMark exhaustion, and my short-term cycles in both Treasuries and Equities both start to turn higher. Note, the selloff this month has proven far more orderly than back in December, so i'm not certain we'll get evidence of Capitulation in this selling before the selling merely dries up and prices start to bounce. At present, prices are close to support, but not quite there, and i expect that into late today into tomorrow, this selloff will continue a bit more. Bottom line, the risk/reward is growing more favorable towards buying dips, and i expect a bottom to this decline this week
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