The Standard & Poor’s (S&P) 500 equity index is seeing red for Tuesday, slipping to the $4,460.00 area after opening the day neat $4,480.00. Apple Inc
Equities on softer footing ahead of key US CPI data due on Wednesday.The Standard & Poor’s 500 equity index is seeing red for Tuesday, slipping to the $4,460.00 area after opening the day neat $4,480.00.
Apple Inc’s highly-anticipated marketing event on Tuesday couldn’t provide support for the S&P 500 as Apple shares slumped nearly 2% following the announcement of the next version of their flagship iPhone line as the announcement failed to inspire investors.The technology sector component of the S&P 500 is broadly lower for Tuesday, down 1.5% for the day. Despite this, the technology facet of the major index is still up more than 37% for 2023.
The large-cap index is currently hung in the middle of a bullish inversion of the 100- and 50-period Simple Moving Averages , with the 100-period SMA providing near-term support from $4,450.00 while a rising trendline from August’s lows near $4,350.00 represents rising support to fend off any bearish pushes.
Immediate resistance rests at the peak of September’s early highs near $4,530.00 but remains capped by the overshot 50-period SMA parked near $4,490.00.
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