SPX Continues Its Bullish Trend (CPI + FED RATE)

12 Haz 2024

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:
  
  

12 Haz 2024

Not

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