S&P 500 Forecast Today - 24/10: SP500 Pulls Back (Chart)
Date
10/24/2024 2:44:52 PM
(MENAFN- Daily Forex)
The S&P 500 has pulled back again during trading on Wednesday as we continue to flounder near the highs. Quite frankly, with the bond market seeing interest rates jump, that has people on Wall Street somewhat concerned, but this is a pattern that is starting to repeat itself over and over. While it is a fairly negative looking candlestick now, the reality is late in the day, once the Europeans go home, typically the Americans pick up the ball. Even if they don't, the 5,800 level should be somewhat supported. And below there, I think there are plenty of other areas where buyers could step in.
The 50 day EMA sits right around the 5,700 level and is rising rapidly. So that's an area that I would see as well. Keep in mind, earning season is in swing now and with this I think the market is probably going to continue to be somewhat noisy but I also recognize that the overall momentum continues to be one of the main drivers here because quite frankly they don't necessarily pay attention to anything other than liquidity sooner or later somebody is going to jump in and pick up stocks while just simply buying randomly is not The strategy you should be employing the reality is that it's much easier for a Cap weighted index like the S&P 500 to rise then fall in fact. It's designed to go higher.
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If it were actually an index of 500 companies equally weighted, it would be a completely different story. The chart would look anything at all like what you're seeing. So as usual, you're looking to the same handful of companies. The earnings reports from several companies out there could cause a few headaches, but really at this point, I think you have more of a buy on the dip mentality.
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