US stock market signals today

US stock market S&P500 forecasts and trading signals

US stock market forecasts today trend and analysis of price dynamics in the short and long term using WD Gann economic cycles.

American stock exchange chart with weekly technical analysis

US stock market today: weekly SP500 forecasts

With the realisation of a triple minimum in the weeks of 14 October 2022, 23 December 2022 and 17 March 2023, the US S&P500 Index restarted a new short- and medium-term bullish phase.

As can be seen in the image just above, the three indicated lows, with the addition of the fourth bottom in the week of 27 October 2023, were made on particular angular and static supports.

In particular, the angular vector 1X4 and 1X8 plotted in purple and blue provided precise price/time ratios on which quotations, in conjunction with the time set-ups, initiated important pull-backs.

The Minimum Square with expiry on 03 November 2023 gave an important indication of a restart of the short-term positivity in the US stock market, which led to a strong strengthening of yields in the following weeks.

Indeed, two upward movements can be observed, interrupted only by a brief pause in the week of 05 January, which pushed prices to a new all-time high at 5,264 points in the week of 29 March.

The last movement had positive weekly returns for twelve consecutive weeks without violating the previous low.

The next signal from the US stock market will expire in the week of 10 May 2024.

After an initial correction following the time cycles that expired in early April 2024, quotations reached a low of 4,953 points.

It will be in the coming weeks following the signal of 10 May that will provide us with the trend until early June.

In particular, the violation of 4,920 will provide an indication of a continuation of the descending force that will push prices to the next support in the 4,800-4,760 area.

Only the return above 5,290 will show the return to positivity of the S&P500 Index: resistances in the area 5,130-170; 5,230.

New York Stock Exchange tomorrow: medium-term trend

In the S&P500 Index, the medium-term price trend is evolving within a bullish channel consisting of the 1X2 ascending vectors plotted in yellow in the picture above.

It can be seen that monthly stock market returns have moved above the median vectors of the corridor, with values above the Drift, visible with the red vector.

The last expiring monthly Set Up coincides with the expiration of the Range Square in April 2024.

This month saw a pause in the upward run that had been triggered in the previous time frame of November 2023.

The negative retracement will have as supports area 4,800; 4,700 points.

For quotations higher than 5,290 the medium-term propulsive action will be restored: resistances in the area 5,380; 5,475; 5,650.

S&P500 Index long-term forecast

The long-term trend remains positive, although the April Set Up reversed the monthly swing chart.

The previous quarterly Set Up expired in Q4 2023 and accelerated the US Index’s bullish action.

Next resistances in the area of 5,490; 5,670.

Only a return below 4,650 points will indicate a strong halt to the uptrend: supports in the 4,650 area.

The technical picture on the US Index has been described using WD Gann’s forecasting theory with the help of the Top Trader(c) stock market charting software.