S&P 500 stuck in a range between 7,508 support and 7,772 resistance
The S&P 500 closed at 7,624 on 23 October, down 0.5% over the past week and 1.5% over the past four weeks. That close sits about 1.0% below the 50-day moving average and 4.6% above the 200-day moving average, placing price in between the two benchmarks rather than clearly above or below both.
The daily trend reads as Range, since the close is not consistently above or below both moving averages together. The 50-day average is 7,700, still rising over the last ten sessions, while the 200-day average is 7,291. The most recent confirmed swing high is 7,845 from 6 October, and the most recent confirmed swing low is 7,617 from 1 October. The 52-week range runs from 6,317 to 7,845. On the weekly chart, the close sits just below the 10-week average of 7,697 and well above the 40-week average of 7,301.
RSI (14) stands at 42, a reading below the midpoint that points to softer momentum without being deeply oversold. The last five daily closes moved from 7,691 to 7,713, 7,757, then down to 7,663 and 7,624, showing choppier price action into the close of the week. Average daily range (ATR 14) is 72 points, giving a sense of typical day-to-day movement on this index.
A daily close back above the 50-day moving average at 7,700, or a move through nearby resistance at 7,772, would suggest renewed strength and put the next resistance at 7,794 in focus. A daily close below support at 7,508 would point to the next reference level at 7,422. Until either happens, the range framing stays intact.
Tuesday's US Consumer Confidence reading at 14:00 GMT offers an early gauge of household sentiment. Wednesday's FOMC statement and rate decision at 18:00 GMT is the week's key event given current rates at 4.00%. Thursday's Advance GDP and Core PCE data at 12:30 GMT will add further detail on growth and inflation trends.
- Daily prices: EODHD (GSPC.INDX); trend, levels and RSI computed by Praevis
- Events: Praevis economic calendar