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S&P 500 Daily Chart Analysis For Week of Feb 9, 2024Technical Analysis and Outlook: The S&P 500 index has reached and surpassed our Inner Index Rally 4980, and we expect it to continue to rise in the upcoming week. Our projection is that it will fill the five-handle gap to reach an Outer Index Rally 5035 and then continue to Inner Index Rally 5072. However, we anticipate potential pullbacks in the market at this level. Notwithstanding, if there is a down move or gap-down before reaching the 5035 price, the Mean Sup 4985 will be the primary target. It is essential to monitor the price action carefully in the first three days of the upcoming week's session to make informed trading entry decisions.
SP:SPX
by TradeSelecter
S&P 500 Daily Chart Analysis For Week of Feb 2, 2024Technical Analysis and Outlook: During the recent trading session, the Spooz (S&P 500) experienced a dip toward the Mean Support level of 4845 for an excellent Buy signal placement. The prices ricocheted strongly toward the Inner Index Rally level of 4980, reaching a high of 4975. Looking ahead to the upcoming week, we anticipate that the price will fill in the five-handle gap from the previous week's price action, which could lead to a significant pullback. That said, if the price continues to move slowly, steadily, or in a tight range, it may indicate a minor pullback before continuing on an upward trajectory toward the Outer Index Rally level of 5935. However, the violent or gap-down price movement will signal that Mean Sup 4845 is again a legitimate target. Overall, careful monitoring of the price action on the first two days of the upcoming week's session is crucial for making informed trading entry decisions.
SP:SPX
by TradeSelecter
3
S&P 500 Daily Chart Analysis For Week of Jan 26, 2024Technical Analysis and Outlook: Spooz has completed the Inner Index Rally at 4882 and is continuing its upward movement toward a higher target; the Outer Index Rally marked at 4980. However, once we reach the designated target, there is a possibility of a squeeze that could cause prices to drop to the Mean Support level of 4845. In the meantime, the index may retest the Mean Support level of 4845 before continuing its upward trend.
SP:SPX
by TradeSelecter
Most overbought condition 1) Most overbought condition since May 2021 on the weekly RSI 14. 2) Converging trendlines at 38,200 stretching back since late 2021 create solid roof tested 3 times at least on 2 separate trend-lines which would make for a very tough level to break, especially when it's this overbought. ***A correction down to retest the connecting lows trend-line since late 2022 would make a lot of sense even if a new high would be reached in the future, a correction down is very likely in the current technical condition - Which would be down to the 34,200 floor.
BLACKBULL:US30Short
by Exactus
4
S&P 500 Daily Chart Analysis For Week of Jan 19, 2024Technical Analysis and Outlook: Spooz's robust movement from our Mean Sup 4745 toward our designated target, Inner Index Rally 4882, is on its way, leaving no fingerprints at the crime scene at the completed Outer Index Rally 4807. The advancement toward a higher target Outer Index Rally 5035 is now in its making. However, once we reach the designated target of Inner Index Rally 4882, we may face a squeeze that could cause prices to drop down to the Mean Support level of 4798 and possibly even the Mean Support level of 4725.
SP:SPX
by TradeSelecter
S&P 500 Daily Chart Analysis For Week of Jan 12, 2024Technical Analysis and Outlook: Spooz's extended movement toward our designated target, Mean Res 4783 and Key Res 4800, is noteworthy. However, the completed Outer Index rally poses a significant barrier to advancement towards higher targets: Inner Index Rally 4882 and the next Outer Index Rally 5035. The current level of tight trading range supports this theory. Despite this, current market conditions suggest we may experience a squeeze that could drive the prices down to the Mean Support level at 4745 and possibly even the Inner Index Dip at 4595.
SP:SPX
by TradeSelecter
S&P 500 Daily Chart Analysis For Week of Jan 5, 2024Technical Analysis and Outlook: The Spooz extended down movement from our designated target Key Res 4800 and Outer Index Rally 4807 and now rests comfortably at our Mean Support level of 4700. The current market conditions suggest we experience a squeeze that could take us down to the Mean Support level at 4644 and possibly even the Inner Index Dip at 4595. However, the current level of support may provide a rebound to the newly created Mean Resistance level at 4740 before continuing its downward movement.
SP:SPX
by TradeSelecter