S&P500 -Weekly forecast, Technical Analysis & Trading Ideas

Midterm forecast:
5677.80 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:

• There is a divergence in RSI and price between the peak at 6107.47 on 2024-12-06 and the peak at 6150.07 on 2025-02-19, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  
• While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  
• A peak is formed in daily chart at 6150.05 on 02/19/2025, so more losses to support(s) 6031.27, 5875.31, 5777.28 and minimum to Major Support (5677.80) is expected.
  
• Relative strength index (RSI) is 49.
  

Supports and Resistances:

1. 5568.78
   
2. 5398.95
   
3. 5194.10
   
4. 5039.36
   
5. 4944.41
   
6. 4843.23
   
7. 4662.99
   
8. 4544.26
   

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ForecastCity Support Team