Bearish Pressure Builds Amid Middle East Tensions, Targets 5675
Updated
Middle East uncertainty after Iran attack makes for tricky trading
Beyond tensions in the Middle East, there are several potential catalysts that could keep investors on edge, including the upcoming U.S. election in November and a key jobs report this week that will help shape the Fed's policy direction.
Technically:
The price has reached our target and continues to decline towards 5675 and 5643 while remaining below 5713 and 5732.
To shift to a bullish trend, the price must break above 5732.
Key Levels:
Pivot Point: 5715
Resistance Levels: 5732, 5784, 5820
Support Levels: 5675, 5643, 5584
Trend Outlook:
Bearish while under 5732
previous idea:
Beyond tensions in the Middle East, there are several potential catalysts that could keep investors on edge, including the upcoming U.S. election in November and a key jobs report this week that will help shape the Fed's policy direction.
Technically:
The price has reached our target and continues to decline towards 5675 and 5643 while remaining below 5713 and 5732.
To shift to a bullish trend, the price must break above 5732.
Key Levels:
Pivot Point: 5715
Resistance Levels: 5732, 5784, 5820
Support Levels: 5675, 5643, 5584
Trend Outlook:
Bearish while under 5732
previous idea:
Trade closed: target reached
SPx
Live Update / 3 Oct.
The price declined as anticipated, given it had already stabilized below 5708.
Remaining below 5708 will likely push the price down to 5675. A break of 5675 is necessary to reach 5643.
However, stabilizing above 5708 could lead to a rise toward 5732. To confirm a bullish trend, the 4-hour candle must close above 5732, targeting 5784.
Key Levels:
Pivot Point: 5708
Resistance Levels: 5732, 5784, 5820
Support Levels: 5675, 5643, 5584
Trend Outlook:
Bearish while under 5732
Trade closed: target reached
SPx
Live Update/ 4Oct.
The price reached the resistance which is 5732, so as long as it trades below that the direction will be a bearish trend toward 5708, and below that will get 5675 and 5643
otherwise should stabilize above 5732 to touch 5749 and 5784
Key Levels:
Pivot Point: 5732
Resistance Levels: 5749, 5784, 5820
Support Levels: 5708, 5675, 5643
Trend Outlook:
Bearish while under 5732
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