December 20, 2023 ( Newswire) The S&P 500 index gained 0.59% on Tuesday, further extending the uptrend following last week’s release of the FOMC Statement release on Wednesday, which marked a pivot in the Fed’s monetary policy. The market went even closer to its Jan. 4 of 2022 all-time high level at 4,818.62 yesterday. Recently the S&P 500 broke above the late July local high of around 4,607 after resuming a rally from the local low of 4,103.78 on October 27.

Stocks will likely open 0.2% lower today, so the S&P 500 index may trade sideways, but there’s still potential for it to reach the mentioned record high level, which was only 1.05% above yesterday’s closing price. The S&P 500 index continues to trade along its steep upward trend line as we can see on the daily chart:


Futures Contract Remains Above 4,800

Let’s take a look at the hourly chart of the S&P 500 futures contract. It’s trading above 4,800 level ahead of the index open, but the market is basically going sideways following yesterday’s daily advance. The nearest important support level is now at 4,780-4,800, among others.


Apple Is Still at Resistance Level

Let’s move on to an individual stock. Apple is one of the most important market movers. On Monday I wrote that it “looks like a topping pattern or just some flat correction following the rally”, and indeed, the market retraced some of its recent rally before bouncing from the upward trend line. The $200 price level remains an important resistance level here.


Stocks are expected to retrace some of their yesterday’s advance, yet the market remains very close to its medium-term high. Will the S&P 500 reach a new record high soon? There is a chance of extending the uptrend, given the yesterday’s daily close was just 1.05% below the all-time high level.

There have been no confirmed negative signals so far, but the market may experience a downward correction at some point. The long position remains profitable and yesterday it added even more gains. Overall the index has gained 776 points or 19.4% since opening that trade at 3,992.4 on Feb. 27. In the near future, I will be looking to close that trade and shift focus to a more short-term oriented trading strategy. For now, it remains justified as stocks may further extend their uptrend.

Here’s the breakdown:

  • The S&P 500 further extended its advance as it got closer to the record high level from early 2022.
  • There may be a downward correction at some point.
  • In my opinion, the short-term outlook is still bullish.

The full version of today’s analysis – today’s Stock Trading Alert – is bigger than what you read above, and it includes the current S&P 500 futures contract position. I encourage you to subscribe and read the details today. Stocks Trading Alerts are also a part of our Diamond Package that includes Gold Trading Alerts and Oil Trading Alerts.

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: