As I expected in the previous idea, the S&P 500 index(
SPX) moved toward the broken Support lines and completed its pullback, reaching its targets.
Given that the S&P 500 index nowadays shows a significant correlation with the cryptocurrency market and Bitcoin(
BTCUSDT), it’s wise to pay even more attention to this index, as it can help us gauge the crypto market trends.
The S&P 500 is approaching a Resistance zone($6,675_$6,637), and considering the momentum of last weekend’s decline, it appears that this recent upward movement is merely a correction. Therefore, we should expect another decline in the S&P 500.
Since the U.S. dollar index(
DXY) is also likely to maintain an upward trend, the rise in the dollar can lead to more capital flowing into safer assets, potentially impacting the S&P 500 negatively.
The S&P 500 is also influenced by the US 10-Year Government Bond Yield(
US10). If the US 10-Year Government Bond Yield trends upwards, then riskier assets like cryptocurrencies might go down more, and this, in turn, could also impact the S&P 500.
Considering all the above, I expect that the S&P 500 will at least test its Support zone($6,580_$6,490) again and, if that Support zone($6,580_$6,490) is broken, we could anticipate further declines in the U.S. stock market and the S&P 500.
First Target: $6,526
Second Target: $6,413
Stop Los(SL): $6,731
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌S&P 500 Index Analyze (SPX500USD), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
Given that the S&P 500 index nowadays shows a significant correlation with the cryptocurrency market and Bitcoin(
The S&P 500 is approaching a Resistance zone($6,675_$6,637), and considering the momentum of last weekend’s decline, it appears that this recent upward movement is merely a correction. Therefore, we should expect another decline in the S&P 500.
Since the U.S. dollar index(
The S&P 500 is also influenced by the US 10-Year Government Bond Yield(
Considering all the above, I expect that the S&P 500 will at least test its Support zone($6,580_$6,490) again and, if that Support zone($6,580_$6,490) is broken, we could anticipate further declines in the U.S. stock market and the S&P 500.
First Target: $6,526
Second Target: $6,413
Stop Los(SL): $6,731
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌S&P 500 Index Analyze (SPX500USD), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
Trade active
PPI m/m (Forecast: 0.3% | Prev: -0.1%)
Core PPI m/m (Forecast: 0.3% | Prev: -0.1%)
Retail Sales m/m (Forecast: +0.4% | Prev: +0.6%)
Core Retail Sales m/m (Forecast: +0.3% | Prev: +0.7%)
My base case: Slightly hotter-than-expected PPI (0.0% to +0.1%) + in-line or slightly weaker Retail Sales → mild hawkish tilt → SPX opens flat-to-red, tests 6,653
Trade closed: stop reached
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🎁Get a 20% Discount on your trading FEE on BYBIT:
partner.bybit.com/b/PEJMANZWIN
────────────
🎁Welcome than a 50% bonus(Low Spread)
vtm.pro/Y3AV7r
partner.bybit.com/b/PEJMANZWIN
────────────
🎁Welcome than a 50% bonus(Low Spread)
vtm.pro/Y3AV7r
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.
