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S&P 500 Outlook: Consolidating Under New Record High

The S&P index is consolidating under new record high, posted after 1% rally on Monday, sparked by upbeat US data.

A survey showed a measure of US services industry activity jumped to a record high in March after last week’s reports from manufacturing and labor sectors showed much better than expected results that strongly boosted investor optimism for the economic reopening and recovery accelerating.

In addition to strong data, the index price was lifted by strong performance in financial, materials and energy sectors as well as improved results from sectors that had underperformed recently, such as tech, communication services and consumer discretionary.

Additional government stimulus and speedy vaccinations add to positive sentiment.

Daily techs are overbought and suggest that bulls may stay on hold in coming sessions with dips expected to provide better buying opportunities.

Rising 10DMA (3979) and Fibo 38.2% of 3842/4073 (3985) provide solid supports which should ideally contain and keep bulls intact.

Res: 4073, 4100, 4153, 4200.
Sup: 4051, 4000, 3979, 3954.

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