Call 800 665 0411 to learn about our services for your stock

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS

Share on StockTwits

Stocks Fluctuate Following Last Week's Rally


November 10, 2023 ( Newswire) The S&P 500 index lost 0.81% on Thursday as it bounced from 4,400 level. Stocks retraced some of their recent advances following 30y bond auction results, Jerome Powell's speech, among other factors. Yesterday's daily low was at 4,343.94 and earlier in the day the S&P 500 reached new local high of 4,393.40. It was very close to mid-October high of 4,393.57. Investors' sentiment remains positive despite a lot of uncertainty about monetary policy, economic growth and geopolitics. Last week the index rallied from October 27 local low of 4,103.78.

Stocks are expected to open 0.4% higher today. So the S&P 500 will likely extend a short-term consolidation below the resistance level of 4,400 as we can see on the daily chart:

Futures Contract Trades Below 4,400

Let's take a look at the hourly chart of the S&P 500 futures contract. Yesterday it was as high as 4,413 and this morning it's trading slightly below 4,380. The resistance level is at 4,400-4,420 and support level is at 4,350, among others.


The S&P 500 index will likely extend its fluctuations following last week's rally. Overall, the market went sideways this week. For now it looks like a consolidation or relatively flat correction within an uptrend. The resistance level is still at 4,400, marked by the previous local highs and the technically important September 21 daily gap down of around 4,376-4,401.

Here's the breakdown:

  • The S&P 500 retraced its recent advances yesterday, but it remained within a week-long consolidation.
  • For now it looks like a flat correction of an uptrend.
  • In my opinion, the short-term outlook is still bullish.

More Info: Newswire

This news is published on the Newswire - a global digital news source for investors and business leaders

Disclaimer/Disclosure: is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: Learn more about publishing your news release and our other news services on the newswire

Global investors must adhere to regulations of each country. Please read privacy policy:

That's all it takes to get an article published on Investor Ideas - Learn More