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S&P 500 Index
Long

SPX Continues Its Bullish Trend (CPI + FED RATE)

By SroshMayi
Updated
SP500 Index Technical Analysis

SPX Continues Its Bullish Trend

The price successfully retested and pushed higher, reaching our previously mentioned target.

  • Today's Outlook:
    The market is maintaining its bullish trend, aiming for approximately 5420. The release of the CPI data today will significantly impact the market. A CPI reading below 3.4% is expected to be positive for indices, potentially driving the SPX to a new all-time high.

  • Bullish Scenario:
    As long as trades above 5372 means will continue the bullish trend toward 5420

  • Bearish Scenario:
    If the price trades below 5372, it indicates a potential drop towards 5347. A breach of 5347 could further lead to 5320. Stabilizing below 5301 would activate the downward area, with the next target at 5260.

    - Pivot Line: 5372
    - Resistance Levels: 5404, 5422, 5484
    - Support Levels: 5347, 5320, 5301

  • Today's Expected Trading Range:
    - Support: 5320
    - Resistance: 5480

    In summary, maintaining a position above 5347 favors a bullish outlook, aiming for higher resistance levels. Conversely, trading below 5347 suggests a bearish trend, with potential support targets at 5320 and 5301.


  • Our Previous idea:
    SPX Continues Bullish Trend After Retest
Note
THE PRICE REACHED OUR TARGET ABOUT 300 PIP AND STILL RUNNING TO GET 5484,

so now as long as trades above 5423 there will be an uptrend

snapshot
IndicesSPSPX (S&P 500 Index)S&P 500 (SPX500)StocksSupply and DemandSupport and ResistancetradingtrendTrend Analysis
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