SPx (Affect of GDP...)
Technical analysis of SPx
The price dropped from its resistance line at 5320 and is now consolidating between 5266 and 5226. Today, we anticipate significant market volatility with the GDP results expected at 1.2%. The price will likely touch 5266 before dropping towards 5226.
If the price stabilizes below 5226, it will support a further decline towards 5192, entering a bearish territory. Conversely, breaking above 5266 will support a rise towards 5300 and 5320.
Today’s expected trading range is between the support at 5192 and the resistance at 5266.
previous idea:
The price dropped from its resistance line at 5320 and is now consolidating between 5266 and 5226. Today, we anticipate significant market volatility with the GDP results expected at 1.2%. The price will likely touch 5266 before dropping towards 5226.
If the price stabilizes below 5226, it will support a further decline towards 5192, entering a bearish territory. Conversely, breaking above 5266 will support a rise towards 5300 and 5320.
- Pivot Line: 5266
- Resistance Levels: 5285, 5305, 5325
- Support Levels: 5226, 5193, 5160
Today’s expected trading range is between the support at 5192 and the resistance at 5266.
previous idea:
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