بروزرسانی: 24 خرداد 1404
S&P 500 Technical Analysis | Forexlive
On the 1 hour chart, we can see moreclosely the current price action with the recent fall erasing all the gainsfrom the Christmas rally. The buyers might want to split their position in halfas the price could bounce either on the lower bound of the channel or the 4700level, where we have also the 38.2% Fibonacciretracement level for confluence. The sellers, on theother hand, will want to see the price breaking below the 4700 level toposition for a drop into the 4548 level.
Upcoming Events
Last week, we saw a bit of a Christmas rally in theS&P 500, although all the gains got erased in the final couple of days. Themarket is all-in on the soft-landing trade with the Fed expected to cutinterest rates soon, the labour market coming into better balance and theinflation rate on track to reach the 2% target by the end of the year. It’shard for the bears to fight the current positive sentiment, especially withoutsignificant bearish catalysts, but such crowded trades are generally liable tofast unwinding in case the prevailing narrative proves to be wrong, so thebulls should be extra careful going forward.
S&P 500 TechnicalAnalysis – Daily Timeframe
S&P 500 TechnicalAnalysis – 4 hour Timeframe
This week is full of key economic data which willculminate with the NFP report on Friday. We begin tomorrow with the ISMManufacturing PMI and Job Openings and given the recent trends there could beroom for disappointment. Later in the day, we will get the release of the FOMCMinutes, but it’s not expected to be market-moving given that it’s three weeksold data. On Thursday, we will have another slate of US labour market data withthe release of the US ADP and Jobless Claims figures. Finally, on Friday, we concludethe week with the NFP report and the ISM Services PMI.
منبع: https://www.forexlive.com/technical-analysis/sp-500-technical-analysis-20240102/
S&P 500 4 hour
On the 4 hour chart, we can see that theprice has been trading inside a rising channel with the latest leg higher diverging withthe MACD. Thisis generally a sign of weakening momentum often followed by pullbacks orreversals. In this case, we should see a pullback into the lower bound of thechannel where the buyers will look to lean onto to position for a rally intonew all-time highs. A break below the channel and the 4700 level wouldinvalidate the bullish setup and likely trigger a selloff into the 4548 level.
S&P 500 TechnicalAnalysis – 1 hour Timeframe
S&P 500 Daily