S&P 500 index sees another spooky turn

Reuters

S&P 500 index sees another spooky turn

24 ott. 2024, ore 12:57 GMT

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Euro STOXX 600 index up ~0.5%

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S&P 500 INDEX SEES ANOTHER SPOOKY TURN

Traders who utilize time-based methodologies have been on alert, given that last week marked a milestone utilizing a Fibonacci-based time projection from the 2022 bear-market low.

Of note, since the market's October 2022 trough, and using equality and trend-based Fib time projections, the S&P 500 index .SPX has seen some spooky turns around the weeks that suggested the potential for a reversal of its most recent trend.

Indeed, last Thursday the SPX hit a record intraday high of 5,878.46. Last Friday, at 5,864.67, it scored its 47th record closing high for the year. (That's the most since 70 for the full year of 2021).

Now this week, the S&P 500 is down more than 1% and, like the Dow .DJI and Nasdaq Composite .IXIC, is on pace to end a six-week win streak.

In the wake of what appears to be another eerily timed turn, traders are checking support on the charts:

The S&P 500 ended Wednesday at 5,797.42. The rising 10-week moving average (WMA) is now around 5,695.

There are a series of highs and lows that are found in the 5,674-5,651.62 area.

The rising 20-WMA is now just over 5,580. Since reclaiming the 20-WMA on a weekly closing basis in early November 2023, the SPX has not registered a weekly close back below it.

In the event this current decline proves shallow and the benchmark index quickly stabilizes and rallies to new highs, it will still face barriers in the form of the 6k psychological level as well as a long-term resistance line from its 1929 high, which, on a monthly basis, resides around 6,035 in October.

(Terence Gabriel)

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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)

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