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S&P 500 Market Update

9/5/2022 3:16 PM

The US stock market continues to trade in a downtrend, despite the positive corporate reporting. Quotes of the S&P 500 index are currently correcting downwards to the area of 3926.0.

American automaker Ford Motor Co. reported an increase in sales in August by 27.3% compared to the same period a year earlier, while the total number of cars sold was fixed at around 158.088 thousand vehicles. The same figure for electric vehicles quadrupled to 5.9 thousand cars. The day before, the developer of semiconductor products Broadcom Inc. published its financial results, reporting a 1.7-fold increase in net profit. The company posted 8.46 billion dollars in revenue, beating analysts' estimate of 8.41 billion dollars, and posted earnings per share of 9.73 dollars.

The US bond market this week began trading in the "green" zone: the popular 10-year Treasuries gained 0.13%, the long-term 20-year bonds increased by 0.12% and the global 30-year ones added 0.17% in value.

The growth leaders in the index are CF Industries Inc. (+4.34%), Hess Corp. (+3.83%), The Mosaic Co. (+3.79%), Halliburton Co. (+3.70%).

Among the leaders of the decline are Dish Network Corp. (-4.49%), Generac Holdings Inc. (-4.13%), Zebra Technologies Corp. (-3.92%).


The index quotes fell below the support line of the local uptrend, trying to consolidate in the downtrend. Technical indicators are holding a sell signal, which they have issued recently: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram, holding in the sell zone, is forming descending bars.

Support levels: 3878.0, 3641.0. | Resistance levels: 3992.0, 4180.0.




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