Indeks S&P 500Panjang
S&P 500: All-Time High, Anyone?
Following November pencilling in its strongest monthly gain since mid-2022, the S&P 500 is poised to line up another gain in December and potentially touch gloves with the all-time high (ATH) of 4,818.
Technical studies out of the monthly timeframe are clear. The index has been entrenched in a dominant uptrend since breaking out in early 2013. Aside from two sizeable corrections in 2020 and 2022, the uptrend has been one-sided, with the ATH demanding attention at 4,818 as the next logical upside objective on the monthly chart.
Weekly Resistance Within Striking Distance
Chalking up a seventh week in positive territory last week—strongly bid post-FOMC—and adding +2.5%, the week concluded within a stone’s throw of weekly resistance at 4,743, sheltered just south of the ATH and a channel resistance extended from the high of 4,607. For those who follow/employ the Relative Strength Index (RSI) in their trading, the indicator is fast approaching overbought territory on the weekly chart, as well as support being offered between 40.00 and 50.00 (this is common in uptrends; some use this area as a temporary oversold zone and attempt to seek divergence formations). Should 4,743 cede ground this week, the ATH high will likely welcome price action and could open the door to short-term breakout buying opportunities. On the other hand, if sellers make a show this week, support warrants attention at 4,595.
Daily Resistance is Key This Week
Meanwhile, on the daily timeframe, technical eyes will likely be drawn to resistance at 4,725, a level positioned just under weekly resistance at 4,743. While support is ringing the bell at 4,653 and might enter the fray should selling unfold this week, a close north of the daily resistance might deliver an early cue that weekly resistance may be hanging in the balance and could prompt breakout buyers to trade on the anticipation of weekly resistance giving way, with the ATH targeted as an initial objective. This may, of course, also have traders drill down to the lower timeframes to seek entry into the market, a break and retest of 4,725 on the H1, as an example.
Technical studies out of the monthly timeframe are clear. The index has been entrenched in a dominant uptrend since breaking out in early 2013. Aside from two sizeable corrections in 2020 and 2022, the uptrend has been one-sided, with the ATH demanding attention at 4,818 as the next logical upside objective on the monthly chart.
Weekly Resistance Within Striking Distance
Chalking up a seventh week in positive territory last week—strongly bid post-FOMC—and adding +2.5%, the week concluded within a stone’s throw of weekly resistance at 4,743, sheltered just south of the ATH and a channel resistance extended from the high of 4,607. For those who follow/employ the Relative Strength Index (RSI) in their trading, the indicator is fast approaching overbought territory on the weekly chart, as well as support being offered between 40.00 and 50.00 (this is common in uptrends; some use this area as a temporary oversold zone and attempt to seek divergence formations). Should 4,743 cede ground this week, the ATH high will likely welcome price action and could open the door to short-term breakout buying opportunities. On the other hand, if sellers make a show this week, support warrants attention at 4,595.
Daily Resistance is Key This Week
Meanwhile, on the daily timeframe, technical eyes will likely be drawn to resistance at 4,725, a level positioned just under weekly resistance at 4,743. While support is ringing the bell at 4,653 and might enter the fray should selling unfold this week, a close north of the daily resistance might deliver an early cue that weekly resistance may be hanging in the balance and could prompt breakout buyers to trade on the anticipation of weekly resistance giving way, with the ATH targeted as an initial objective. This may, of course, also have traders drill down to the lower timeframes to seek entry into the market, a break and retest of 4,725 on the H1, as an example.
Penafian
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