S&P 500 / Key Price Levels and Scenarios Amid NFP Impact
S&P 500 Analysis: Navigating Volatility with Key Price Levels and Scenarios Amid NFP Impact
The S&P 500 currently faces a significant supply zone between 5525 and 5550, having recently hit a new all-time high at 5550. Despite this, the broader outlook remains bullish, especially after stabilizing above the previous resistance level of 5525. However, the upcoming Non-Farm Payroll (NFP) report is poised to significantly impact the market.
Bullish Scenario:
To maintain the bullish momentum, the price needs to break through the supply zone and continue upward towards 5635. A 4-hour candle closing above 5550 would indicate a continued uptrend for the following week.
Bearish Scenario:
Conversely, if the price drops and stabilizes below 5525, it would signal a bearish trend, potentially leading to declines towards 5491 and 5460.
Key Levels:
The S&P 500 currently faces a significant supply zone between 5525 and 5550, having recently hit a new all-time high at 5550. Despite this, the broader outlook remains bullish, especially after stabilizing above the previous resistance level of 5525. However, the upcoming Non-Farm Payroll (NFP) report is poised to significantly impact the market.
Bullish Scenario:
To maintain the bullish momentum, the price needs to break through the supply zone and continue upward towards 5635. A 4-hour candle closing above 5550 would indicate a continued uptrend for the following week.
Bearish Scenario:
Conversely, if the price drops and stabilizes below 5525, it would signal a bearish trend, potentially leading to declines towards 5491 and 5460.
Key Levels:
- Pivot Line: 5550 - 5525
- Resistance Levels: 5590, 5620, 5645
- Support Levels: 5491, 5460, 5440
Today's Expected Trading Range:
Today's trading range is anticipated to be between the resistance at 5635 and the support at 5460.
NFP Scenarios:- Previous Result: 272K
- Expectation: 191K - If the NFP release is less than 191K, the indices are likely to follow a bullish scenario. Conversely, a result exceeding 191K, particularly around 250K, would likely lead to a bearish scenario.
- In summary, the market's direction hinges on the NFP results and critical price levels. Monitoring these key levels and the NFP report will be crucial for navigating the S&P 500's volatility.
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