S&P 500 Key Levels
The cash S&P 500 has regained 37.6 percent of its 311.28-point decline from the high on April 1st. The index closed today slightly below a critical 0.382 Fibonacci retracement level. If the futures maintain their bump in after-hours, a reaction to Tesla’s earnings announcement, this level will be taken tomorrow morning.
Nobody knows the future; the best approach for us is to use the analysis of historical data and past levels as a guide to navigate an uncertain and foggy future.
Given the current market narrative of higher for longer, we maintain our view that the S&P 500 is destined for its 200-day moving average of around 4,680.43 before this downdraft concludes. We will reassess if the cash index takes out the .50 Fib level at 5119.44.
Stay frosty, folks.
Source: https://global-macro-monitor.com/2024/04/23/sp-500-key-levels-2/
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