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S&P 500 Technical Outlook

by | Oct 23, 2024 | G10 Markets, Uncategorised

S&P 500 E-Mini (ESZ24):

  • Current Price: 5,889 (source: CME 10/23/2024 11:27am EET)
  • Momentum: The Relative Strength Index (RSI) is at 61.49%, indicating neutral to slightly bullish momentum. The 20-day MACD is positive at 58.48, supporting continued upward momentum.
  • Key Moving Averages: The 20-day MA is 5,834.19, and the 50-day MA is 5,733.33, both of which are below the current price, suggesting a bullish trend.
  • Support/Resistance: Key resistance around 5,953.75, and support near 5,824.75.
  • Outlook: Bullish momentum, with potential for further gains if it holds above key moving averages.
John, originally from New York, has been living in Cyprus for the past 25 years. He began his career as a Financial Advisor at Morgan Stanley and has since held key positions across both U.S. and Cypriot firms. Registered with the Cyprus Securities and Exchange Commission (CySEC) since 2006 (Advanced Certificate No. 1583). Professional Experience 24 years of investment experience on the buy-side and sell-side as a stockbroker, financial advisor, equity sales trader, head of asset management, fund manager, chief dealer, senior market strategist, proprietary trader, and head of investment research for U.S. and Cyprus investment firms, including a directorship for a publicly traded closed-end investment fund. Professional Qualifications Qualified to manage futures funds, commodity trading, and operate commodity pools by the USA NFA in April 2000. Qualified by the NYSE as a stockbroker in February 2000, as an options principal in January 2005, and as a member firm principal in April 2005. Certified as a portfolio manager in December 2006 by the Cyprus Ministry of Finance. Past Associate of the UK Chartered Institute for Securities & Investment and past Associate of the U.K. Society of Technical Analysts.

Legal Disclosure: The information provided in this analysis is for informational and educational purposes only and should not be construed as financial or investment advice. All data and analysis are based on publicly available information, and while we strive for accuracy, we cannot guarantee that the information is complete, accurate, or up-to-date. The opinions expressed herein do not constitute any solicitation to buy, sell, or hold any financial instrument or asset. Past performance is not indicative of future results. Trading and investing in financial markets involve substantial risk, including the risk of loss, and may not be suitable for every investor. It is highly recommended that you consult with a qualified financial advisor or other professional before making any investment decisions. The author assumes no responsibility or liability for any losses, damages, or other consequences resulting from the use of this information.

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