LIVE MARKETS-S&P 500 index streaking toward its highs
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S&P 500 INDEX STREAKING TOWARD ITS HIGHS
The S&P 500 index .SPX ended Monday at 5,963.60, which puts it down just 2.94% from its February 19 record close. With this, it's now up 19.7% in the 28 trading days since its April 8 close, the cycle low for the recent sell off. That's its biggest such move since coming out of the March 2020 pandemic panic bottom.
In any event, the benchmark index has risen six-straight days. It rose nine days in a row in early May, which was its longest winning streak since 2004.
On the charts, the SPX remains focused on its highs in the 6,099-6,147 area ahead of the key long-term resistance line from the 1929 high, which for the month of May resides around 6,225. This line essentially capped strength in the December-February time frame:
Traders are watching interim resistance at chart congestion around 6,000 level.
Initial support is at the May 15 low at 5,865.16. If it were to give way, bulls would want to see the 200-DMA, as well as the Fibonacci-based 233-DMA, which now reside in the 5,765-5,725 area, contain weakness.
The May 12 gap requires a fall to 5,691.69 for a fill.
Meanwhile, industrials .SPLRCI has been the first S&P 500 sector to score fresh record highs. Utilities .SPLRCU may be next. That group ended Monday down just 0.27% from its November 26, 2024 record close. The financial sector .SPSY ended Monday down 1.1% from its February 18 record finish.
(Terence Gabriel)
TUESDAY'S EARLIER LIVE MARKETS POSTS:
EUROPE: SHORT COVERING RALLY ON ITS WAY? CLICK HERE
EUROPEAN TELCOS AT A STRUCTURAL INFLECTION POINT CLICK HERE
FORGET THE DOWNGRADE: "PERFECT WEEKS" FLASH BULLISH SIGNAL CLICK HERE
WHAT IF THE JUNE ECB CUT IS THE LAST ONE? CLICK HERE
EUROPEAN SHARES MUTED, UTILITIES LEAD CLICK HERE
EUROPE BEFORE THE BELL: FUTURES SIGNAL HIGHER OPEN CLICK HERE
MARKETS MOODY AS TRADERS LOOK FOR TRADE DEALS CLICK HERE
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