SPX: A Double Top at the peak could lead to a short-term fall!

8 Sep 2024

• The chart depicts a steady upward trend of the index.
  
• After reaching an all-time high close to the 5,670 level, the index saw a significant decline, dropped by nearly 550 points.
  
• However, after a recovery, the index once again neared its previous high, but experienced another setback.
  
• The emergence of a Double Top pattern, along with a clear RSI divergence, indicates that the index may face difficulties in the near future.
  
• On the downside, immediate support is found between the 5,250 and 5,300 levels.
  
• A break below this support could lead to a considerable drop in the index.
  

23 Sep 2024

Nota

Aggressive Rate Cuts Fuels Market Euphoria

● Over the past two weeks, the index has demonstrated bullish sentiments and has successfully surpassed the previous significant resistance level.
● A Cup & Handle pattern is also observable in the charts, suggesting the continuation of the prevailing trend.
● Furthermore, this rally has been fueled by the aggressive rate cuts implemented by the U.S. Federal Reserve.
● Positioned at an all-time high, the index is poised for further upward movement.