The Stock Index, SPX opened a bit lower yesterday as it lost 15.30points in the first few hours, which is 0.27%. The opening price of SPX in 2024 was $4749. The bulls have since then pushed price to new highs. The January 2024 rally was able to break the resistance of December 2021/January 2023 at $4,821. This year has been good for many tech stocks in the SPX, as the index has appreciated by 17.6%. The all-time high of SPX is at $5671, which was in July 2024.
In July 2024, SPX had an overbought position on the RSI on the weekly chart, and on the monthly chart price has just recently been overbought. From the all-time high in July 2024, price fell to $5124 in the first week of August, a price recovery has started, with current price at $5621. SPX might break new highs in the coming months despite indication of price being overbought.
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