US SPX 500 – technical overview
Longer-term technical studies continue to look quite extended, begging for a deeper correction ahead. At the same time, the latest bullish breakout to a fresh record high beyond the 2024 high opens the door for the next measured move upside extension targeting the 5650 area. Key support comes in at 5194.
R2 5500 – Round Number – Strong
R1 5450 – 7 June/Record high – Medium
S1 5321 – 7 June low – Medium
S2 5194 – 31 May low – Strong
US SPX 500 – fundamental overview
Though we have seen a healthy adjustment of investor expectations towards the amount of rate cuts in 2024, the market still hopes policy will end up erring more towards the investor friendly, accommodative side of things. This bet has kept stocks well bid into dips and consistently pushing record highs. Still, if there is a sense the Fed will need to be more sensitive towards erring on the side of higher rates, it could invite major disruption to the stock market.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
Longer-term technical studies continue to look quite extended, begging for a deeper correction ahead. At the same time, the latest bullish breakout to a fresh record high beyond the 2024 high opens the door for the next measured move upside extension targeting the 5650 area. Key support comes in at 5194.
R2 5500 – Round Number – Strong
R1 5450 – 7 June/Record high – Medium
S1 5321 – 7 June low – Medium
S2 5194 – 31 May low – Strong
US SPX 500 – fundamental overview
Though we have seen a healthy adjustment of investor expectations towards the amount of rate cuts in 2024, the market still hopes policy will end up erring more towards the investor friendly, accommodative side of things. This bet has kept stocks well bid into dips and consistently pushing record highs. Still, if there is a sense the Fed will need to be more sensitive towards erring on the side of higher rates, it could invite major disruption to the stock market.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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