BlueHatInvestor

US500 ~ Nov-Dec Snapshot (4H Intraday)

BlueHatInvestor Updated   
CAPITALCOM:US500   US 500
US500 chart mapping/analysis for last week of November.

TBC further details/write-up in comments section, cheers.
Comment:
US500 Write-up (29th Nov)
  • Price action hugging descending trend-line (light blue).
  • Still holding bullish bias - buoyed by consumer confidence & US Fed dovish comments re: 2024 rate cuts
  • Short-term outlook = price action appears stretched/overbought (IMO only) & needs a pull-back to Golden Pocket/200MA confluence for a sustainable rally into 2024.
  • Pull-back would coincide with SPX seasonality aka early December dip into Santa rally rip.
  • 78.6% Fib level could act as target for shallower pull-back if punters are extra bullish, TBC.
DYOR.