Technical Analysis and Outlook: During the recent trading session, the Spooz (S&P 500) experienced a dip toward the Mean Support level of 4845 for an excellent Buy signal placement. The prices ricocheted strongly toward the Inner Index Rally level of 4980, reaching a high of 4975. Looking ahead to the upcoming week, we anticipate that the price will fill in the five-handle gap from the previous week's price action, which could lead to a significant pullback. That said, if the price continues to move slowly, steadily, or in a tight range, it may indicate a minor pullback before continuing on an upward trajectory toward the Outer Index Rally level of 5935. However, the violent or gap-down price movement will signal that Mean Sup 4845 is again a legitimate target. Overall, careful monitoring of the price action on the first two days of the upcoming week's session is crucial for making informed trading entry decisions.
Hi would you say violent downward is counted for the movement from 4970 to 4918 ?
TradeSelecter
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@r88ave, No, this is a classic move: slowly, steadily, and in a relatively tight range, indicating (Weeding weak longs) an upward trajectory toward the Outer Index Rally level of 5935.
r88ave
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@TradeSelecter, cheers it does indeed looks like to be heading pass the 4970 today looking at the futures....just need confirmation finishing above 4975 by eod