Technical Analysis and Outlook:
In the recent weekly trading session, the S&P 500 Index recorded significant gains, achieving our primary target at the Key Resistance level of 6,895. Presently, this market position indicates potential downward movement, with the primary target set at Mean Support at 6,816, and the possibility of further decline to Mean Support at 6,755.
Nevertheless, it is essential to acknowledge that, in light of the current market dynamics, there exists a considerable probability of a repeat retracement from the Key Resistance at 6,895, accompanied by a robust bounce from Mean Support at 6,816.
In the recent weekly trading session, the S&P 500 Index recorded significant gains, achieving our primary target at the Key Resistance level of 6,895. Presently, this market position indicates potential downward movement, with the primary target set at Mean Support at 6,816, and the possibility of further decline to Mean Support at 6,755.
Nevertheless, it is essential to acknowledge that, in light of the current market dynamics, there exists a considerable probability of a repeat retracement from the Key Resistance at 6,895, accompanied by a robust bounce from Mean Support at 6,816.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.