S&P 500 Monthly Index 17.01.24

American stock market today: forecasts for the S&P 500 index

American stock market today: Short and long-term trend forecasts, along with trading signals for the first quarter of 2024 using the Gann technique

S&P 500 Index chart with weekly technical analysis

American stock market today: weekly S&P 500 predictions

The corrective trend initiated in the week of August 11th of last year concluded in the week of October 27, 2023, with the reaching of the ascending 1X8 angular support, visible in the above photo in blue.

From a peak at 4,607.07, the American stock market reached a bottom at 4,132.94 points at the end of October.

During the expiration of the temporal signal related to the week of November 3rd, as indicated in previous reports, where numerous temporal cycles converged, the American Index reversed its short-term trend.

The propulsive force of the American stock market was further confirmed by the subsequent Set Up Weekly on November 17, 2023.

The bullish break of 4,440 points provided a new positive acceleration, generating a strong self-correlation of returns in the following weeks.

It can be observed that there is no negative violation of weekly lows but only that of highs for nine consecutive weeks, until December 29th.

The last temporal signal expired in the week of January 5, 2024, and the next deadlines converge in the first weeks of February 2024.

The current trend is currently sideways negative, and the next supports are located in the 4,660; 4,600-4,560 range.

A return above 4,830 will restore a new directional upward dynamic: resistance at 4,815 points.

Performance of the American stock market: medium-term trend

The medium-term trend of the S&P 500 Index, since November 2022, initiated a significant upward movement culminating in reaching the ascending 1X2 angles in July 2023.

From the level of 4,080, the American stock market reached a peak at 4,607 points before retracting slightly.

The yellow ascending 1X2 vectors, which had a price/time ratio of 4,607 points in July last year, constitute the median angles of an upward corridor initiated in the early 2000s.

The new temporal signals of October and December 2023 indicated the birth of a new and pronounced medium-term bullish phase.

From a minimum at 4,103, the American Index has once again reached the median vectors of the upward corridor at 4,793 points.

These resistances have still kept prices at the lower end of the channel, but the medium-term dynamics are indicating a desire to reach the upper part.

For prices above 4,820, the upward strength will be confirmed, with the next resistances in the 4,925 area.

At this point, a partial negative retracement is possible to balance the Price-Time overbalance of the previous months.

Supports in the 4,630-4,560 range

Long-term predictions and technical analysis of the American stock market

With the attainment of 3,491 points in the fourth quarter of 2022, the S&P 500 market reached the lower intermediate vector of the long-term bullish corridor described by the red-colored rays.

In the first quarter of 2023, the American Index resumed its positive upward course, reaching the dynamically radiated resistance in yellow at 4,607 points in the third quarter of 2023.

In the fourth quarter of 2023, the long-term bullish trend strengthened, generating a bullish outside move.

The American stock market reached the peak of the January-March 2023 quarter around 4,800 points and is ready to set new highs.

Next resistances in the 4,930; 5,230 points range.

Supports for any negative retracements around 4,500.

The trend analysis of the American stock market was conducted using the WD Gann technique, and the Top Trader(c) software was utilized