The S&P 500 gained 0.15% today, continuing its positive momentum with strong performances in technology stocks and corporate earnings.
Key Points
- Netflix, Apple, and Nvidia gains boosted the index.
- Earnings from Procter & Gamble, American Express, and SLB may impact the market.
- No major economic data today, but Fed speeches could influence sentiment.
S&P 500 Daily Price Analysis – 18/10/2024
The S&P 500 posted a modest gain today, rising by 0.15% to 5,859.20 after opening at 5,851.15. This follows Thursday’s slight increase of 0.08%, indicating ongoing positive momentum. Technology stocks and strong corporate earnings have been the primary drivers behind this upward trend.
Technology shares led the S&P 500 higher once again, with Netflix standing out after its premarket surge of 5.8% on stronger-than-expected subscriber growth. Other major tech names, including Apple and Nvidia, also posted gains. Apple climbed 1.1%, thanks to positive news on iPhone sales in China, while Nvidia rose 1.2%, benefiting from the broader rally in semiconductor stocks.
Earnings reports remain a key influence on market direction. Today, investors are keeping a close watch on upcoming results from major companies like Procter & Gamble, American Express, and SLB. Positive earnings could further lift the S&P 500, but some investors remain cautious about the index’s high valuation, which is trading at nearly 22 times forward earnings.
Key Economic Data and News to Be Released Today
There are no high-impact economic news releases expected today that could significantly move the market. However, attention will be on speeches from key Federal Reserve officials, including Christopher Waller and Neel Kashkari, which could offer insights into the Fed’s stance on interest rates. Treasury yields have inched higher, with the 10-year note yield back above 4.1%, which might pressure equities if they continue to rise.
S&P 500 Technical Analysis – 18/10/2024
The S&P 500 is currently bullish from a technical analysis perspective. The market is currently trading above the 200 EMA, suggesting there’s more room for price to go up in the short-term.
Although the RSI has shown the price to have hit the overbought level earlier today, the indicator later showed that price quickly retracted from this level. We can expect the price to continue up till it reaches an overbought level again today.
So, since price is reacting reasonably well to the current key level, we may expect a short-lived bullish movement to the nearest resistance level before any sort of bearish momentum can start to develop.
S&P 500 Fibonacci Key Price Levels 18/10/2024
Traders should keep a close eye on the following key price levels for the day:
| Support | Resistance |
| 5836.98 | 5879.30 |
| 5823.92 | 5892.36 |
| 5802.76 | 5913.52 |
Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.
