S&P500 Retracement 31.05.2024
U.S. Indices: Friday's Jump 31.05.2024! What's next?
S&P500 H1 Chart Remarks and Technical Insights:
- A reversal, crossing the 30-period MA on its way up potentially ending the downtrend.
- Confirmation of the bullish divergence (RSI: higher lows, Price: lower lows).
- The index is near the upper band of the 50- period Bollinger Bands indicating resistance for moving further to the upside.
- Retracement to the 61.8 Fibo level (back to the 61.8% of the total movement to the upside is more probable.
Target Level is near 5,265 USD
Less probable alternative scenario could be the breakout of the 5,300 USD resistance pushing the index more to the upside with target level near 5,330 USD.
__________________________________________________________________________________
Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure.
BDSwiss is a trading name of BDS Markets and BDS Ltd.
BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene.
BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles. Payment transactions are managed by BDS Markets (Registration number: 143350)
S&P500 H1 Chart Remarks and Technical Insights:
- A reversal, crossing the 30-period MA on its way up potentially ending the downtrend.
- Confirmation of the bullish divergence (RSI: higher lows, Price: lower lows).
- The index is near the upper band of the 50- period Bollinger Bands indicating resistance for moving further to the upside.
- Retracement to the 61.8 Fibo level (back to the 61.8% of the total movement to the upside is more probable.
Target Level is near 5,265 USD
Less probable alternative scenario could be the breakout of the 5,300 USD resistance pushing the index more to the upside with target level near 5,330 USD.
__________________________________________________________________________________
Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure.
BDSwiss is a trading name of BDS Markets and BDS Ltd.
BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene.
BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles. Payment transactions are managed by BDS Markets (Registration number: 143350)
BDSwiss Research Team: Stuart Cowell, Da-Costa Assumang, Adnan Rehman, Aldo Weidner
Our team of renowned market analysts and professional traders work round the clock to provide up-to-the-minute market news coverage & actionable financial commentary
Our team of renowned market analysts and professional traders work round the clock to provide up-to-the-minute market news coverage & actionable financial commentary
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.