The US stock market delivered decent gains in 2024 compared to the broader global commodity market this year. Commodities like gold, copper, silver, and the US dollar were the top-performing assets in Q1 and now Q2. However, the S&P 500, along with the Nasdaq Composite, and Dow Jones Industrial Average hit new all-time highs in 2024. The S&P 500 index closed at 5,099 during Friday’s closing bell rising by 51 points, with a surge of 1.02%.
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Here’s the current standing of all the indexes:
S&P 500: 5,099
Nasdaq Composite: 15,927
Dow Jones Industrial Average: 38,239
So what’s next for the S&P 500 index next month in May 2024? In this article, we will analyze how high or low the S&P 500 index could move in May 2024.
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S&P 500: May 2024 Analysis
The S&P 500 index had the best performance since November 2023 as stocks jumped on Friday. Big tech firms gained the most on strong earnings reports making investors reap the profits of a price rally. Now that the S&P 500 has reached the 5,099 mark, will it head further up or dip in May 2024? Here’s the analysis on how high or low it could move next month.
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S&P 500 had recovered from last week’s low of 4,925 and clawed back above the 5,000 price range. The strong earnings call made the index breach the 5,050 resistance level ending close to 5,100. The long lower wick in the candle suggests that selling pressure was low at the lower levels. The next target for the S&P 500 could be a surge towards the 5,140 level in May 2024.
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However, on the downside, it could face resistance at the 5,055 range and if it fails to hold on, the next resistance could be met at 5,000. However, the overall price momentum remains bullish for the S&P 500 index next month in May 2024.