S&P 500 INDEX WEEKLY GANN ANALYSIS FOR MAY 2024

19 Mei

S&P 500 Index has been rising from the 10 Oct 2022 weekly candle with an low of 3489. The crossing of 3600 confirmed the low on it after it closed at 3761.40 on the 17 Oct 2022 candle. The geometry of market is working at its best with the index nearing the target of 5400 with the recent weekly high at 5327.30 on the last weely candle. We are nearing the completion of one of the weekly cycles coming to an end next week. The index can grow further on closing above 5400. Price cycle completion seen at 5670 to 5759.90. The said targets can be achieved after momentum above 5400. Downside levels to be watched for correction are 5130 and 5039.90. Recent low was at 4930. Swing target from the low comes at 5470. interesting to watch if hit the target of 5400 next week on the weekly time cycle.
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N.B. Not a financial advice to buy or sell.
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