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S&P 500 Stock Index Futures Analysis
It was a tough day for world stock indices as US equities continued to retreat. There are many reasons to be Bulls, one of which is the S&P 500 Futures which are at the psychological level of four thousand. Based on the information on the hourly stock chart, sellers continued to press the issue throughout today's session. Taking a step back, it can be seen that the current area that offers support has played a role in various ways over the past seven months.Most recently, it helped establish resistance just before the S&P 500 Futures broke out of formation and fell behind inflation data released in November. The impact of that breakout led to higher highs and then lower lows.What is the S&P 500 Index? Definition, How it Works, and List of Companies
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Thursday’s higher print was right around the 4100 resistance level projected by the bearish trendline. The trendline has been converging with the S&P 500 this year and has helped produce the current seven-month high in August. Since the trendline’s emergence, there has been a noticeable change of pace for bulls, especially through price action in recent weeks with the Fed in the blackout window.
DOW Stock Index Analysis
Dow futures have risen 20% from their October lows over the past few trading days. This morning’s pullback also found support in the Dow’s case. The data was taken from the swing high of August 26. FOMC Chairman Jerome Powell warned that the bank is not done discussing interest rate hikes.On the Dow itself, the support level is around 33,444 and remains attractive for a short-term approach as it is a support from previous resistance, even lower, at around 33,106. For the bearish position or for those who want to trade, there is still the possibility of seeing greener (or redder) pastures elsewhere, as seen from the chart. While the Dow made a 21.2% move from its October low to last week’s high, the Nasdaq’s maximum move was 15.83% and the S&P 500’s 17.36%. So, the Dow led the way higher, with the S&P 500 following and then the Nasdaq following suit. But perhaps more interesting is the structure of the price action. While the S&P 500 has tested the 2022 trendline, the Dow has bounced off its own variation of the same figure. The Nasdaq, however, remains quite far from a similarly drawn trendline and this highlights how the recovery in the tech-heavy index has struggled.S&P 500 Stocks Drop as Janet Yellen Highlights Recession Fears
