Technical Analysis and Outlook:
During the trading activity of the previous week, the S&P 500 Index displayed a predominantly bearish movement after completing our Outer Index Rally target of 6420, as highlighted in the prior week’s Daily Chart Analysis, with the primary objective now being to plug our Mean Support at 6200.
It is essential to recognize that the current price movement may trigger a significant further pullback to the Mean Support level of 6090. Following this downturn, it is expected that the index will resume its upward momentum, aiming for a retest of the Outer Index Rally peak at 6420.
During the trading activity of the previous week, the S&P 500 Index displayed a predominantly bearish movement after completing our Outer Index Rally target of 6420, as highlighted in the prior week’s Daily Chart Analysis, with the primary objective now being to plug our Mean Support at 6200.
It is essential to recognize that the current price movement may trigger a significant further pullback to the Mean Support level of 6090. Following this downturn, it is expected that the index will resume its upward momentum, aiming for a retest of the Outer Index Rally peak at 6420.
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