S&P 500 PRICE OUTLOOK: STOCK MARKET PULLS BACK FROM ACCOUNTING LETTER
- Stocks are returning from all-time highs S&P 500 price level below -1%
- The S&P 500 index is trying to find support around 4300 price levels
- Eyes on Fibonacci retracements, June 14 highest, rising trend line and MACD crossover
The S&P 500’s price action caused a nasty rumble at New York’s opening bell on Thursday. Stocks slipped overboard as Barely The ‘horror meter’ exploded higher. Everything major stock indices traded in the session minus and about -1%.
This step corresponds to the prolonged decline in bond yields, with the ten-year Treasury starting at more than 15 basis points at 1.3% from Monday. In itself, equity investors seem to have finally seized the fear of a slowdown in the bond market.
Since Wall Street came online, but the S&P 500 index has started around psychologically important 4300 price level. This single payment area is supported by 23.6% Fibonacci The withdrawal level of the S&P 500 stock exchange is between May 12 and July 7.
SPX – S&P 500 INDEX PRICE CARD: 4-hour time frame (April 30 to July 8, 2021)
Maintaining the height here can encourage the S&P 500 to reduce the gap that is open this morning. Although sales pressure will continue and 4,300 handles will be breached, traders may want to defend the subsidy, which is subsidized at the highest price level of June 14,555.
A steady decline can be seen in the decline MACD crossover to materialize, as alluded to in the 4-hour graph above. This could lead to an increase trend line and 50-day easy moving average focus on the following technical barriers that have the potential to help keep S&P 500 pricing afloat.
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