S&P index trades above and below unchanged today

S&P index trades above and below unchanged today
  • The index experienced a decrease of -9.42 points due to the low price movement, while the high price movement resulted in a positive impact of 25.88 points on the index.

From a technical standpoint, the low price observed on Friday found support within a range spanning from 4325 to 4338. It then experienced a modest rebound leading up to the market close. As trading commenced today, the price initiated on an upward trajectory, propelling the index to its highest levels during the initial trading hour. However, the enthusiasm of buyers waned, resulting in a shift from buyers to sellers and subsequently causing the index to retreat and enter negative territory.

Over the last hour or so, there has been a resurgence in the index, pushing it upwards. Presently, it has gained approximately +9 points for the day.

From a technical standpoint in the short term, the recovery from the previously mentioned support range offers a glimmer of hope for buyers, indicated by the red numbered circles. Yet, for buyers to regain greater control, they must overcome a couple of key obstacles. Firstly, surpassing the declining 50-hour Moving Average (MA) represented by the black line, which presently stands at 4427.85 and is trending downward. Secondly, breaking beyond the range of 4448.47 to 4458.48 is necessary for buyers to establish dominance. If these conditions are not met, the balance of power leans toward sellers, who are currently holding sway in the short term.

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