This SPX (S&P 500 Index) 3-hour chart analysis shows a bullish outlook with the following key points:
1. Support Level:
A clear support zone is marked around 6,012.
The price is currently above this zone, suggesting the level is holding as support.
2. Moving Averages:
EMA 50 (red line) at ~6,012 acts as dynamic support.
EMA 200 (blue line) at ~5,842 shows the broader uptrend is intact.
3. Price Structure:
The chart indicates a potential pullback to retest the support level before resuming upward.
Two target levels are marked:
First target: 6,313.16
Final target: 6,451.32
4. RSI:
The RSI is around 73, which is overbought territory.
This supports the idea of a short-term pullback before continuation.
Summary:
Trend: Bullish.
Expect: Possible minor pullback to support (~6,012) then rally towards 6,313 and 6,451 if support holds.
Watch: EMA 50 and support zone reaction for confirmatioN
1. Support Level:
A clear support zone is marked around 6,012.
The price is currently above this zone, suggesting the level is holding as support.
2. Moving Averages:
EMA 50 (red line) at ~6,012 acts as dynamic support.
EMA 200 (blue line) at ~5,842 shows the broader uptrend is intact.
3. Price Structure:
The chart indicates a potential pullback to retest the support level before resuming upward.
Two target levels are marked:
First target: 6,313.16
Final target: 6,451.32
4. RSI:
The RSI is around 73, which is overbought territory.
This supports the idea of a short-term pullback before continuation.
Summary:
Trend: Bullish.
Expect: Possible minor pullback to support (~6,012) then rally towards 6,313 and 6,451 if support holds.
Watch: EMA 50 and support zone reaction for confirmatioN
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.