SPx (GDP + Consolidation Movement)
SPx Outlook
The price still consolidates between 5460 and 5491, so should break one side to continue its direction.
Intraday Analysis:
Today, the price is likely to stabilize below 5491, maintaining the bearish trend towards 5460, and should break that as well to get 5410.
Bullish Scenario:
For a bullish reversal, the price must stabilize above 5492. If this occurs, the bullish trend may target 5529 and subsequently 5550.
Bearish Scenario:
The price should stabilize under the pivot zone, which is between 5502 and 5479, it is expected to decline further towards 5440 and 5410.
Key Levels:
- Pivot Line: 5491
- Resistance Levels: 4429, 5550, 5585
- Support Levels: 5460, 5440, 5410
Today's Expected Trading Range:
The anticipated trading range for today is between the resistance at 5530 and the support at 5410.
The price still consolidates between 5460 and 5491, so should break one side to continue its direction.
Intraday Analysis:
Today, the price is likely to stabilize below 5491, maintaining the bearish trend towards 5460, and should break that as well to get 5410.
Bullish Scenario:
For a bullish reversal, the price must stabilize above 5492. If this occurs, the bullish trend may target 5529 and subsequently 5550.
Bearish Scenario:
The price should stabilize under the pivot zone, which is between 5502 and 5479, it is expected to decline further towards 5440 and 5410.
Key Levels:
- Pivot Line: 5491
- Resistance Levels: 4429, 5550, 5585
- Support Levels: 5460, 5440, 5410
Today's Expected Trading Range:
The anticipated trading range for today is between the resistance at 5530 and the support at 5410.
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