US stock market tomorrow forecasts technical analysis trading signals By Francesco Massetti Posted on 5 August 2024 Condividi su Facebook Condividi su Twitter Condiviso su Google+ Condiviso su Pinterest Condiviso su Linkedin Condiviso su Tumblr S&P500 Stock Market Signals Today S&P500 Stock Market Signals Today US stock market chart with weekly technical picture SP500 weekly 31.07.24 US stock market tomorrow and weekly Since the weekly stock market signal expired on 03 November 2023, the US S&P500 Index has been on a strong upward trend. In fact, stock market returns since that signal have been positive for an impressive 23 weeks, more precisely until the week of 29 March 2024. The intermediate weeks of 29 December 2023 and 05 January 2024 are not counted as they are inside. From a low on the 1X8 corner drawn in blue at 4,103 points, the American stock market reached a top at 4,503 on the octave’s static resistance. A partial negative retracement followed. But following the expiration of the Minimum Square of 10.05.24 the trend of the S&P500 Index restarted a new upward phase, which ended in the week of 12 July. From a low of 4,953 points, the US market reached a new high of 5,655, on the next static resistance. The trigonometric set-up on 29 July 2024 weakened the short-term trend: Prices reached the ascending 1X2 angular support at 5,419 points to execute a technical rebound. For the week of 09 August, if prices fall below 5,390 then the new negative trend will be confirmed, with first supports in the area of 5,350; 5,230 points. While a return above 5,610 points will show the birth of a new positive sideways trend, with first resistances in the 5,700 area. Forecasts S&P500 Index medium term Monthly S&P 500 Index he medium-term bullish trend on the S&P500 Index in December 2023 pushed prices above the upper median vector of the bullish channel. In the picture just above, a corridor has been delineated using yellow 1X2 ascending vectors, which express the mathematical price/time relationship of the US stock market. The propulsive force was further confirmed in the June 2024 monthly set-up by reaching 5,340 points. For prices below 5,200 a new negative sideways action will set in: next supports in the area 5,200; 5,075. Obstacles to positive action in the 5,760-5,800 area. Technical analysis S&P500 quarterly 2024 Quarterly S&P500 Index 19.07.24 The long-term trend remains positive. The quarterly set-up coincides with Q2 2024. Resistances in the 5,850 area, while supports are in the 5,200 area. The S&P500 Index forecast report was written based on the WD.Gann technique and using the Top Trader(c) stock market software.
