S&P index trades between 50 and 100 day MAs
The S&P index is trading higher and near session highs. The current price is up 36 points at 5054.25. The high for the day reached 5058.01.
That puts the price near the middle between key day MAs.
On the downside, is the 100-day MA at 4979.26. Just below that is the 50% midpoint of the 2024 trading range at 4973.48. The price did move below that midpoint level on April 19, but failed on the break.
The subsequent corrective high reached to 5123.49. That happened to stall right near the 50-day MA currently a little higher at 5128.95.
So with the price between the 50-day MA at 5128.95 and the 100-day MA at 4979.26 and 50% at 4973.48, the market is torn between more bullish and more bearish.
That makes sense given the uncertainty with Fed, the economy, inflation trend, growth, geopolitics and throw in the US election to come.
At some point, however, the picture will get clearer and we will see a break.
For now. Be aware and prepared. The technical picture is neutral.
As a sideshow, Apple will report earnings after the close. Apart from Nvidia, who will toward the end of May, Apple is one of the last of the major large cap stocks to report.
What is expected?
Earnings Expectations:
- Earnings per share (EPS): $1.50
- Revenue: $90.01 billion
Performance by Business Unit:
- iPhone revenue: $46.00 billion
- Mac revenue: $6.86 billion
- iPad revenue: $5.91 billion
- Wearables, home, and accessories revenue: $8.08 billion
- Services revenue: $23.27 billion
Future Projections:
- Forecast for the current quarter: Approximately $83.23 billion in sales, representing a 1.8% annual growth.
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Stock Performance and Market Concerns:
- Apple shares have decreased by about 10.3% this year, underperforming compared to its peers and the broader market.
- Concerns are growing over potentially weak demand for the upcoming iPhone 15 in 2023.