Up or Down?

Up or Down?

May 02, 2024

Key Takeaway

The S&P 500 is consolidating it's recent gains.  It peaked in late March and has since pulled back a bit. The RSI has dropped below 50, but is bouncing around that level; and the MACD is negative. We are closely watching the 100 day moving average (pink line) for support. If this support level can hold, we'll want to see the price break back up above the red descending resistance line. If it cannot break back above, it could be a sign that the S&P 500 has not yet found a bottom...meaning there could be more downside ahead for the short-term.

 

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