SPX Continues Bullish Trend After Retest
SPX Continues Bullish Trend After Retest
The SPX has completed its retest and subsequently pushed higher, maintaining its bullish trend. As long as the index trades above the key levels of 5347 and 5320, the bullish momentum is expected to continue. This week, the SPX is projected to reach the initial target of 5378, with the potential to advance further towards 5423.
The SPX has completed its retest and subsequently pushed higher, maintaining its bullish trend. As long as the index trades above the key levels of 5347 and 5320, the bullish momentum is expected to continue. This week, the SPX is projected to reach the initial target of 5378, with the potential to advance further towards 5423.
- Bullish Scenario:
the price has a bullish trend to reach 5378 as long as trades above 5347, breaking 5378 means will continue the bullish trend to get 5423 - Bearish Scenario:
If the price trades below 5347, it indicates a potential drop towards 5320. A breach of 5320 could further lead to 5301. Stabilizing below 5301 would activate the bearish area, with the next target at 5260. - Key Level
- Pivot Line: 5347
- Resistance Levels: 5378, 5400, 5423
- Support Levels: 5320, 5301, 5260 - Today's Expected Trading Range:
- Support: 5320
- Resistance: 5420
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.
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