#SP500 - Weakness Persists

2024-04-18

Given the futures price action, this morning's key levels for staying bullish (above) or bearish (below) were identified, with a reminder that a broken resistance level becomes new support. Unfortunately, support for $ES_F was lost.

Filling the gap (for good) at $4983 seems the next move for $SPX.

Stochastic and Williams%R are curling up. A technical bounce is due, with $5035 acting as the nearest resistance to overcome and $4983 as the closest support level.

For a more updated and detailed analysis of the SPX across different timeframes, and expectations updated for the current price action, check out today's educational content, the first segment is extensive and OPEN for everyone (link in bio).

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Rate Cut Delay: Will S&P Drop Below 5000?

Federal Reserve Chair Jerome Powell said firm inflation during the first quarter had introduced new uncertainty over when and whether the central bank would be able to lower interest rates later this year. ------------------ Will S&P 500 drop below 5000? Is a short term correction or the end of bull market?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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