US500 Rallying to 4300?
US500 (The Cash side of SPX), popped over it's year long falling wedge, and managed to gain momentum throughout last week.
The index broke through the resistance on the monthly chart, and closed well above on the daily chart.
I see the price retracing to touch what now becomes a support area, at the 3970-3980s area, only for it to bounce back up.
Given the current sort of calmness on the major fronts, Europe surviving winter without begging the Russians, and the US managing to control its debt payout, there's nothing that prevents us from seeing a bull run during Q1.
The index broke through the resistance on the monthly chart, and closed well above on the daily chart.
I see the price retracing to touch what now becomes a support area, at the 3970-3980s area, only for it to bounce back up.
Given the current sort of calmness on the major fronts, Europe surviving winter without begging the Russians, and the US managing to control its debt payout, there's nothing that prevents us from seeing a bull run during Q1.
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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.