Stock Market Analysis Today [2024.06.24]: S&P 500 Uptrend, Energy Sector Down, Key Levels to Watch

Hello, Welcome to Stock Market Analysis Today!

• S&P 500: In an uptrend, expected to rise with necessary corrections. On the 1-hour chart, SPY shows resistance at 550 and support at 540.
• Consumer Staples Sector: Uptrend with sideways movement, support at 76, and resistance at 78.5.
• Energy Sector: In a downtrend, with support around 87.
• Materials Sector: Broke its uptrend support, now at 88, with resistance at 94.
• Industrials Sector: Consolidating between 120 and 126.
• Financial Sector: Uptrending but faces resistance at 41.70.
• Technology Sector: Continues its uptrend with corrections expected.
• Communications Sector: Consolidated after breaking resistance, with major levels at 83.50 and 86.
• Utilities Sector: Dropping, trading below the 70 support.
• Real Estate Sector: Consolidating between 36 and 41.

Watch for breakouts and market shifts in these sectors today!

Key Trading Events Today

These events encompass important global news, macroeconomic reports, and economic indicators. For more details, you can check the Bloomberg Calendar.

Nothing too important that could cause market volatility.

Stocks with Earnings:

S&P 500

Looking at the S&P 500, it’s in an uptrend. We can expect the stock to keep going up, but corrections along the way are necessary for stable growth. So, expect some pullbacks.

Looking at the 1-hour chart for SPY, there is resistance around the 550 level and support around 540. Since the overall trend is up, we can expect the price to start going up from its current level or from the support around 540. Keep in mind that a breakout could change the trend, so watch out for any breakouts.

Looking at the last trading day, NVDA dropped by 3.22%, AAPL fell by 1.04%, and AVGO decreased by 4.38%. In terms of sectors, consumer cyclical did well, energy was down, healthcare was stable, and communications saw gains. Overall, the market performed okay. Now let’s look at the actual percentages.

Consumer Staples Sector(XLP):

Looking at the Consumer Staples Sector, it’s in an uptrend. Within that uptrend, there’s a medium-term sideways trend happening. There’s support around 76 and resistance around 78.5.

Looking at the 1-hour chart, you can clearly see the sideways trend. The price is now around the resistance level. We could expect it to reach this resistance level before pulling back, or it could break above the resistance and continue going up.

Energy Sector(XLE):

Looking at the Energy Sector, it’s in a downtrend. You can clearly see the downward channel on the chart. The price needs to stay within this range, with major support around 87.

Looking at the 1-hour chart, you can see the price pulling back from a resistance area, with major resistance just above that level. Given the overall bearish trend, we can expect the price to continue falling and possibly find support around the 87 range.

Materials Sector(XLB):

Looking at the Materials Sector, it’s no longer in an uptrend as it broke the support. Currently, the support is around 88 and the resistance is around 94.

Looking at the 1-hour chart, you can see support around the 88 level. Since the price is no longer in an uptrend, we can expect either a sideways trend or a downtrend. The slope line acts as major resistance, and if the price reaches it, it should pull back and continue falling. Keep in mind that a breakout will determine the future trend, so watch for breakouts.

Industrial Sector(XLI):

Looking at the Industrials Sector, it’s consolidating with major resistance around the 126 level and major support around the 120 level.

Looking at the 1-hour chart, you can see that the price pulled back from the support level, went up to a resistance area, and pulled back a bit. If the price breaks above this resistance, we can expect it to continue up to the next resistance before pulling back. If the price can’t break the resistance, it might pull back from here.

Consumer Discretionary Sector(XLY):

Looking at the Consumer Discretionary sector, it is also consolidating, with major support around the 170 range and major resistance around 185.

Looking at the 1-hour chart, it broke the resistance around the 180 level and is heading upwards towards the next resistance at 185. We can expect the price to reach that level before pulling back. If it breaks this level, the sideways channel will turn into an uptrend.

Healthcare Sector(XLV):

Looking at the healthcare sector, it is also consolidating. The major support is around 138, with major resistance around 148 and a smaller resistance around 147.

Looking at the 1-hour chart, you can see that the price is trading around a resistance level. If the price breaks above this level, it could move to the next resistance and pull back from there. Alternatively, it might pull back from its current level. Keep in mind that the breakout will determine the next move, so watch for breakouts and reversal signals.

Financials Sector(XLF):

Looking at the financial sector, it’s in an uptrend, but the price broke the major support line and then moved back inside. Now, it is trading around that level.

Looking at the 1-hour chart, you can see resistance around 41.70, and the price has pulled back from there multiple times. If the price breaks above this resistance, it could continue going up. On the other hand, if the price pulls back again from this level, it may continue to drop. So, watch out for a breakout.

Technology Sector(XLK):

Looking at the technology sector, it’s uptrending and at high levels. We can expect the price to keep rising, but corrections along the way are healthy for growth.

Looking at the 1-hour chart, you can see resistance around the 232 level, and the price has pulled back. If the price breaks above this level today, we can expect it to continue going up. If not, it might keep dropping to the major support level.

Communications Sector(XLC):

Looking at the communications sector, it was on an uptrend and broke the resistance level. Now, it’s consolidating with major resistance around 86 and major support around 83.50.

Looking at the 1-hour chart, you can see the price pulled back from the support around 83.50 and is now heading up to the resistance around 85.50. We can expect a pullback from that resistance level, or the price could break through and continue going up. So, watch out for breakouts.

Utility Sector(XLU):

Looking at the utilities sector, it’s dropping from its high level. It broke support around 70 and is now trading below that.

Looking at the 1-hour chart, after the price broke the support, it tried to get back above but couldn’t. Today, we can expect the price to continue dropping to the support level around 66. However, if the price manages to break above this support again, the uptrend may still be in place.

Real Estate Sector(XLRE):

Looking at the real estate sector, it’s consolidating with major support around 36 and major resistance around 41.

Looking at the 1-hour chart, you can see that the price pulled back from the 39 resistance level and is now consolidating. The price will either move up or down sharply, so watch for reversal or breakout signals.

Conclusion & Disclaimer

Please provide your feedback on how we can improve this article. Thank you!

These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

I discussed these sectors and markets because when the entire market or sector goes through certain movements, most of the stocks within that market will also experience similar movements. So, by understanding what the market is doing, you can conduct your own analysis on specific coins or stocks.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

GOOD LUCK!!!