The US inventory market delivered first rate features in 2024 in comparison with the broader world commodity market this yr. Commodities like gold, copper, silver, and the US greenback had been the top-performing property in Q1 and now Q2. Nonetheless, the S&P 500, together with the Nasdaq Composite, and Dow Jones Industrial Common hit new all-time highs in 2024. The S&P 500 index closed at 5,099 throughout Friday’s closing bell rising by 51 factors, with a surge of 1.02%.
Right here’s the present standing of all of the indexes:
S&P 500: 5,099
Nasdaq Composite: 15,927
Dow Jones Industrial Common: 38,239
So what’s subsequent for the S&P 500 index subsequent month in Might 2024? On this article, we will analyze how excessive or low the S&P 500 index might transfer in Might 2024.
S&P 500: Might 2024 Evaluation
The S&P 500 index had the perfect efficiency since November 2023 as shares jumped on Friday. Massive tech companies gained essentially the most on sturdy earnings stories making buyers reap the income of a worth rally. Now that the S&P 500 has reached the 5,099 mark, will it head additional up or dip in Might 2024? Right here’s the evaluation on how excessive or low it might transfer subsequent month.
S&P 500 had recovered from final week’s low of 4,925 and clawed again above the 5,000 worth vary. The sturdy earnings name made the index breach the 5,050 resistance degree ending shut to five,100. The lengthy decrease wick within the candle means that promoting stress was low on the decrease ranges. The subsequent goal for the S&P 500 may very well be a surge in the direction of the 5,140 degree in Might 2024.
Nonetheless, on the draw back, it might face resistance on the 5,055 vary and if it fails to carry on, the subsequent resistance may very well be met at 5,000. Nonetheless, the general worth momentum stays bullish for the S&P 500 index subsequent month in Might 2024.
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