LIVE MARKETS-S&P 500 index back up to battle 50-DMA

ReutersMay 1, 2025 1:05 PM

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S&P 500 INDEX BACK UP TO BATTLE 50-DMA

The S&P 500 index .SPX ended Wednesday at 5,569.06. However, with e-mini S&P 500 futures EScv1 rallying more than 50 points, or around 1%, the benchmark index appears poised to vault above its descending 50-day moving average (DMA) at the open:

The 50-DMA ended Wednesday at 5,602.17, and should dip to around 5,592 on Thursday.

The SPX last closed above its 50-DMA on February 21, which was two trading days after its record highs. Thus, the benchmark index has ended below this closely followed intermediate-term moving average for 47 straight trading days.

Holding above this moving average can suggest the S&P 500's recovery is gaining steam with the next hurdle at the April 2 high at 5,695.31.

The 233-DMA, a long-term Fibonacci-based moving average, and the closely-eyed 200-DMA are now around 5,700 and 5,750 respectively. The March 25 high was at 5,786.95.

In terms of support, a reversal below Wednesday's 5,433.24 low and a weekly Gann Line, which now resides around 5,412, can see downside pressure intensify. The April 23 gap requires a fall to 5,309.61 for a fill.

The April 21 low was at 5,101.63. It protects against a potential slide to, and below, the 4,835.04 April 7 trough.

Meanwhile, of note, after tumbling to just 5.2% on April 8, which was the date of the SPX's low close in the wake of its February record high, the percentage of S&P 500 stocks above their 50-DMA continues to improve. This measure ended Wednesday at just over 42%:

(Terence Gabriel)

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