Stock futures are trading slightly lower Monday morning as investors prepare for the final month of 2024. S&P 500 futures fell 0.18%, along with declines in Dow Jones Industrial futures Average and Nasdaq 100 futures, which fell 0.13% and 0.17%, respectively. Market attention is shifting to upcoming economic data, particularly reports on manufacturing and construction spending, ahead of this week's release of key jobs data.
November was a standout month for stocks, with S&P 500 futures rallying to reflect the index's best monthly performance of the year. Both the S&P 500 and the Dow Jones Industrial Average hit all-time highs during Friday's shortened trading session, with the Dow briefly surpassing 45,000. Small-cap stocks also posted solid gains, with the Russell 2000 index rising more than 10% in November, boosted by optimism over potential tax cuts.
As trading begins in December, investors are closely monitoring geopolitical developments in Europe, where France's CAC 40 index fell 0.77% amid political concerns, while Germany's DAX and the FTSE 100 United Kingdom showed minor falls.
S&P 500 futures are likely to continue to act as a key barometer of market sentiment, particularly as traders assess the impact of upcoming economic data and global market developments.
S&P 500 Index Chart Analysis
This 15-minute chart of the S&P 500 Index shows a recent trend where the index attempted to break through the resistance level near 6,044.17, but pulled back slightly to close at 6,032.39, reflecting a minor drop of 0.03 % in the session. The candlestick pattern indicates some indecision after a steady upward momentum seen earlier in the day.
On the RSI (Relative Strength Index) indicator, the value stands at 62.07, having fallen from the overbought zone above 70 previously. This suggests that bullish momentum could be cooling and traders could anticipate short-term consolidation or a slight pullback. However, with the RSI above 50, the overall trend remains positive, favoring buyers.
The index's recent low of 5,944.36 marks a key support level, while the high of 6,044.17 could act as resistance. If the price holds above the 6,020 level and the RSI stabilizes without falling below 50, the index could attempt another rally. On the contrary, a drop below 6,020 could signal a bearish reversal.
In conclusion, the index shows potential for continued gains, but traders should watch the RSI levels and price action near the support and resistance zones for confirmation.
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
