Chart of the day - US500 (08.01.2024)

US500 at a significant support zone
Strong job market supports the dollar

The last two weeks have been exceptionally tough for US indices. A strengthening dollar caused a sell-off in stocks. Another catalyst was the labor market data from last week, which turned out to be much stronger than market expectations. Both ADP and NFP confirmed a strong job market, which reduced investors' hopes for the first interest rate cut in March 2024.

After the data publication, US500 tested the support zone around 4700 USD. However, the quotes managed to recover some of the losses at the close of the cash session on Friday. Today, the declines are continuing, and the index is once again testing the area around 4700-4730 points. If the current support level is broken downwards, we can expect a downward move towards around 4630 points. This zone is where the local peak from the previous year is located. However, on the other hand, the current decline has filled the upward gap that was formed on December 13, 2023. Theoretically, this creates a possibility to continue an upward movement. In such a case, it's worth keeping an eye on the 4800 points level.

Source: xStation 5

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