S&P 500: Approaching All-Time High or Facing Reversal?

15 Jul 2024

S&P 500 Analysis: All-Time High or Reversal?

The S&P 500 is exhibiting strong bullish momentum at the start of the second quarter earnings season. This bullish sentiment is expected to drive a general upward trend with potential rotations.

Bullish Scenario:
To sustain the bullish momentum, the price needs to stabilize above the pivot line at 5620, potentially reaching 5672 and 5688.

Bearish Scenario:
Conversely, if the price drops and stabilizes below 5620, it would indicate a bearish trend, potentially leading to declines towards 5585 and 5550.

Key Levels:
- Pivot Line: 5640
- Resistance Levels: 5670, 5688, 5715
- Support Levels: 5620, 5585, 5550

Today's Expected Trading Range:
Today's trading range is anticipated to be between the resistance at 5688 and the support at 5550.

previous idea:

15 Jul 2024

Catatan

the price reached our first target which is 5672 as we mentioned in the chart

so


S&P 500 (SPX):
Range: 5639 to 5672 until a breakout.
- Stability above 5639 indicates a bullish trend towards 5672 and 5688.
- Stability below 5639 will drop to 5620, and further down to 5584 if breached.