S&P 500 index builds on banner year, but big barrier looms
U.S. equity index futures ~flat to slightly positive
Euro STOXX 600 index up ~0.4%
Dollar dips; bitcoin off ~1.8%; gold rises; crude up 1.8%
U.S. 10-Year Treasury yield ~flat at 4.18%
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S&P 500 INDEX BUILDS ON BANNER YEAR, BUT BIG BARRIER LOOMS
The S&P 500 index .SPX scored its first weekly and monthly closes above the 6k psychological level last Friday. With Monday's strength, the benchmark index hit a high of 6,053.58 before settling back slightly to end at 6,047.15.
The S&P 500 has now registered its 54th record closing high for 2024, which has it on pace for the most since 70 in 2021:
The index is now up 26.8% which has it on pace for its biggest yearly gain since its 26.9% advance which was also in 2021. The SPX rose 28.9% in 2019.
And now, with e-mini S&P 500 futures EScv1 edging up in premarket trade, the SPX looks to try to build on its recent run.
That said, a significant hurdle resides not far above Monday's close:
There is a long-term log-scale resistance line from the 1929 high, which on a monthly basis, is around 6,100 this month.
With this level only around 0.9% above Monday's close, the S&P 500's advance may be about to face a big test.
In the event this line is cleared, a resistance parallel derived off of the support line from the 2009 low will be around 6,650 this month.
Additionally, of note, 10x the 2009 trough, which was at 666.79, is 6,667.90.
(Terence Gabriel)
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FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
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SPXRCH12032024 https://tmsnrt.rs/3ZjMgDX
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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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