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Trends & Analysis
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Trends & Analysis
News

Nvidia’s stock surges past $1,000 on strong Q1

News

Will mighty Microsoft build on its 2024 gains?

News

USD gains amid Fed rate cut speculations

News

Is the silver squeeze back?

News

Li Auto’s stock hits a speedbump on Q1 results

News

Gold closes week higher on rate cut speculations

Asset Watch

Keep an eye on these key S&P 500 levels

Tuesday, April 16, 2024

With inflation uncertainty and geopolitical risks piling up, a crisis of confidence struck the S&P 500 on Apr. 12. But as healthy corrections appear to be common within long-term bull markets, UBS said on Apr. 12 that the optimists should outperform in 2024.
“Our S&P 500 price targets for June and December are 5,100 and 5,200, respectively. In our upside scenario, we think the S&P 500 could reach 5,500 by the end of the year. That outcome would likely be achieved if inflation pressures ease more quickly or corporate profit growth is stronger than expectations.”
However, with the index largely overdue for a pullback, some key technical levels could determine the best areas to build a long position.

The S&P 500 broke down below its 20-day (the blue line) and 50-day moving averages (the white line). The gap between the two is narrowing, so the index must recoup both to maintain its short-term strength.

If not, the 100-day MA (the yellow line) could offer a solid entry point, as it provided support in May and August 2023. The level is also near the January 2024 highs and the February 2024 lows. A drop to the 100-day MA would also mark a roughly 7% correction from the all-time highs, which aligns with the typical 5% to 10% pullbacks seen during bull markets.

So, will patience prevail as the S&P 500’s correction continues, or does the index offer value right now?


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