S&P500 Index Forecast
Green day on Tuesday for S&P500 index after gaining 0.620%
(Updated on Jul 02, 2024)
The S&P500 index price gained 0.620% on the last trading day (Tuesday, 2nd Jul 2024), rising from 5,475.09 points to 5,509.01 points. During the last trading day the index fluctuated 0.94% from a day low at 5,458.43 points to a day high of 5,509.69 points. The price has risen in 6 of the last 10 days and is up by 0.65% over the past 2 weeks. Volume fell on the last day by -92 million shares and in total, 2 billion shares were bought and sold for approximately 12.48 points trillion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The index lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the index is expected to rise 8.59% during the next 3 months and, with a 90% probability hold a price between 5,786.07 points and 6,145.42 points at the end of this 3-month period.
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^GSPC Signals & Forecast
Mostly positive signals in the chart today. The S&P500 index holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at 5,474.65 points and 5,366.96 points. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 10.91%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The index should be watched closely.
Support, Risk & Stop-loss for S&P500 index
S&P500 finds support from accumulated volume at 5,464.62 points and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the index tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the index moved 51.26 points between high and low, or 0.94%. For the last week the index has had daily average volatility of 0.775%.
Our recommended stop-loss: 5,344.84 points (-2.98%) (This index has low daily movements and this gives low risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 65 days ago.)
Trading Expectations (^GSPC) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect S&P 500 to open at 5,492.38 points, and during the day (based on 14 day Average True Range), to move between 5,465.13 points and 5,552.89 points, which gives a possible trading interval of +/-43.88 points (+/-0.80%) up or down from last closing price. If S&P 500 takes out the full calculated possible swing range there will be an estimated 1.59% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ 5,464.62 points, some 44.39 points (0.81%) from the current price of 5,509.01 points, our system finds the risk reward attractive.
Is S&P 500 index A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for S&P500 index to perform well in the short-term.
Current score: 4.362 Buy Candidate Unchanged
Predicted Opening Price for S&P 500 of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| 5,492.38 points ( 0.302%) | 5,509.01 points |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ^GSPC
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5,543.64 | 0.629% |
| R2 | 5,524.06 | 0.273% |
| R1 | 5,511.96 | 0.0535% |
| Price | 5,509.01 | |
| S1 | 5,472.80 | -0.657% |
| S2 | 5,460.70 | -0.88% |
| S3 | 5,441.12 | -1.23% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 5,509.01 | |
| S1 | 5,464.62 | -0.81% |
| S2 | 5,460.48 | -0.88% |
| S3 | 5,277.51 | -4.20% |
FAQ
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