SPX500 is approaching our first support at 2600 (horizontal swing low support, 100%, 61.8% fibonacci extension, 78.6% fibonacci retracement, support level on 4h chart) and a strong bounce might occur above this level pushing price up to our major resistance at 2683 (horizontal pullback resistance, 38.2% fibonacci retracement, 100%, 61.8% fibonacci retracement).
Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it bounce off this level.
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Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results