Stocks Analysis by Fawad Razaqzada covering: S&P 500. Read Fawad Razaqzada's latest article on Investing.com
The S&P 500's rally faces overbought conditions, with support levels and key resistance points in focus.
For less than $8 a month, InvestingPro's Fair Value tool helps you find which stocks to hold and which to dump at the click of a buttonWhile disinflation trends are encouraging, investors are left wondering how the economy will react to these anticipated rate cuts and if a hard landing can be avoided. Current macroeconomic indicators suggest a weakening global economy, which could theoretically hurt corporate profits.
After a 5-day rally, the S&P 500 futures chart appears somewhat overstretched and overbought on short-term time frames. However, this doesn’t necessarily indicate an imminent sell-off. A period of sideways movement could allow the market to consolidate and work off these overbought conditions. The S&P 500's recent reclaiming of the shaded blue zone between 5333 and 5396 is a positive sign for bulls.
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