S&P 500 index: New highs, but orbs of influence are out there

Reuters

S&P 500 index: New highs, but orbs of influence are out there

2024 9월 20, 오후 12:54 GMT

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U.S. equity index futures mixed, little changed

Euro STOXX 600 index down ~0.9%

Dollar ~flat; bitcoin gains; gold up >1%; crude dips

U.S. 10-Year Treasury yield edges down to ~3.73%

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S&P 500 INDEX: NEW HIGHS, BUT ORBS OF INFLUENCE ARE OUT THERE

The S&P 500 index .SPX thrust to fresh record highs on Thursday, and finally exceeded its July closing peak. The benchmark index is now up nearly 20% YTD.

In terms of the next move, traders are eyeing a number of hurdles and factors on the horizon.

With this breakout to new highs, the SPX faces a long-term resistance line from its 1929 high, which, on a monthly basis, now resides just over 6,000. This line is roughly 5% above Thursday's 5,713.64 finish.

Meanwhile, traders with an astro-focus may look for either an acceleration of the prevailing trend, or a reversal, around the summer and winter solstices, as well as the fall and spring equinoxes.

The fall equinox in the northern hemisphere occurs this Sunday, September 22 at 8:44 a.m. EDT (1244 GMT).

Just looking back over the past six years or so, a number of major S&P 500 reversals, or strong thrusts, have kicked off around these potential turn dates:

That said, those traders who utilize Fibonacci trend-based methodologies are still eyeing mid-October as offering potential for another significant turn based off of the October 2022 bear-market trough:

The 2.618 projection from the low of the 40-week 2022 bear-market in terms of time comes in at the 105 week mark, which is in the second week of October.

In any event, it now remains to be seen if the equinox and/or the Fibonacci-based time projection will once again prove to have a strong orb of influence.

(Terence Gabriel)

*****

FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:

TIME TO FIGHT THE FED? - CLICK HERE

BOE AND FED TO KEEP GOING THEIR SEPARATE WAYS - CLICK HERE

HIT THE SHOPS! SELL THE SHARES - CLICK HERE

CHINA WORRIES HIT EUROPE, AGAIN - CLICK HERE

SET FOR LOWER OPEN, BUT ALL GOOD REALLY - CLICK HERE

MORNING BID - BOJ BRINGS YEN INTO SHARPER FOCUS - CLICK HERE

SPXEqSol09202024 https://tmsnrt.rs/3XwRQC6

SPXFibbasedtime09202024 https://tmsnrt.rs/3zspnFC

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