S&P 500 Index - Technical Levels And Individual Stocks To Watch On Monday

The S&P 500 index opened at 2,965.81 level on Monday, October 14^th, 2019. We are currently a couple of hours into the trading session and the index has been reported to have made a daily high of 2,972.19. The S&P 500 index is currently trading at 2,968.68 level.

Technical Levels To Watch On Monday

According to the technical analysis specialists, 2,860 to 2,890 level marks strong support for the S&P 500 index. With a slight bullish inclination in the market, however, it has been forecasted that the index can be expected to trade above this support unless a significant macroeconomic event pushes it down. On the upside, a weak resistance is located at 2,970 level. While the index has already passed through it earlier today, a daily close above this level will give strength to the bullish trend.

Upwards of 2,970 level, another weak resistance is currently located at 2,980 followed by a relatively stronger resistance at 3,000 and 3,030 level.

2,860 to 2,890 level has been highlighted as strong support owing to the recently created huge pin bar representing the bullish trend as evident on the S&P 500 index chart. The large tail right above this strong support had previously pushed the market significantly higher to its current level of around 2,970.

As long as the 2,860 to 2,890 level is not challenged, the market dips should be considered temporary and a fine buying opportunity for the investors, according to the financial analysts.

Noteworthy Performances Of Individual Stocks

In terms of individual stocks, Affiliated Managers Group has been declared the star performer of the day so far. While the U.S based investment management company has sharply declined by 22.0% year to date, a significant daily gain of 4% in its share price has been depicted in the S&P 500 index on Monday.

On the other hand, Tapestry has been reported to be the worst performer of the S&P 500 index for October 14^th, 2019, with a sharp decline of 5.3% during the trading session thus far. It is noteworthy that the U.S based luxury fashion holding business has lost as much as 27.1% as per the year to date performance.

Among the other stocks that have been labeled interesting for Monday is the IPG Photonics that has experienced a sharp decline of 5.3% and Ameriprise Financial that has presented a gain of 3.2% so far. These are a few of the S&P 500 components that are expected to be the market movers for October 14^th, 2019.

In summary, S&P 500 index currently has a weak bullish pattern and is challenging the soft resistance at 2,970 level, as per the technical analysis.