The S&P500 breaks out of the range bound price action from earlier this week to register a fresh yearly high (4999).
S&P500 Index Outlook
The recent rally in the S&P500 has pushed the Relative Strength Index (RSI) back above 70, and the overbought reading in oscillator is likely to be accompanied by a further advance in the index like the price action from earlier this year.
A break/close above 5008 (50% Fibonacci extension) may push the S&P500 towards 5090 (61.8% Fibonacci extension), but looming developments in the RSI may show the bullish momentum should if fall below 70.
Failure to hold above the 4950 (161.8% Fibonacci extension) to 4980 (78.6% Fibonacci extension) region may push the S&P500 back to 4926 (38.2% Fibonacci extension), with a breach below the monthly low (4848) opening up the 4793 (61.8% Fibonacci extension) to 4825 (23.6% Fibonacci extension) area.
--- Written by David Song, Strategist
S&P500 Index Outlook
The recent rally in the S&P500 has pushed the Relative Strength Index (RSI) back above 70, and the overbought reading in oscillator is likely to be accompanied by a further advance in the index like the price action from earlier this year.
A break/close above 5008 (50% Fibonacci extension) may push the S&P500 towards 5090 (61.8% Fibonacci extension), but looming developments in the RSI may show the bullish momentum should if fall below 70.
Failure to hold above the 4950 (161.8% Fibonacci extension) to 4980 (78.6% Fibonacci extension) region may push the S&P500 back to 4926 (38.2% Fibonacci extension), with a breach below the monthly low (4848) opening up the 4793 (61.8% Fibonacci extension) to 4825 (23.6% Fibonacci extension) area.
--- Written by David Song, Strategist
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.