SPXThe SPX's performance this year has been incredible! One fascinating aspect is its technical analysis. On the chart, we can see that since July, the index started forming an uptrend, characterized by higher lows and higher highs, respecting an ascending channel for 123 days. This behavior is especially significant considering it developed on the 4-hour timeframe, adding more relevance.
During this period, we observed upward movements becoming less extended over time, which in technical analysis is known as an ascending triangle. The key levels respected within this pattern are marked in green on the chart. This movement has delivered a 19% gain, representing a significant portion of the index's annual performance.
Another interesting point is the gap left at $5,782, which the index might aim to fill if it breaks the pattern established in July. For Friday the 13th, the SPX is expected to move within a $61 range, either upward to $6,161 or downward to $6,016.
Finally, don’t forget to check the RSI, which is currently at 72, indicating overbought conditions. However, this doesn’t mean the index will drop immediately. It could extend further upward before seeking a correction.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.