Technical Analysis and Outlook: According to the chart analysis for March 1, the S&P 500 (Spooz) index continued to perform exceptionally well, achieving our expectations again. The index bounced off the solid Mean Support level of 5060 on March 5 and reached our designated target of the Outer Index Rally at 5170. This was a significant achievement, as it triggered designated a pivotal squeeze aimed back to the Mean Support level of 5060. The index has the potential to visit the well-established Mean Support level of 4950, which has proven to be a very steady level in the past.
It is worth noting that once the pivotal pullback level is achieved, the index will continue its journey toward the outer index rally at 5280. This indicates that the index is on a steady upward trajectory and is expected to perform well in the near future, and traders and investors can expect positive investment returns.