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S&P 500 Daily Chart Analysis For Week of Nov 24, 2023Technical Analysis and Outlook: In this week's abbreviated trading session, the S&P 500 index has again shown a constant upward trend. Current price action exhibits a solid indication to hit our completed Inner Index Rally 4590 on July 27, 2023, and move higher to Inner Index Rally #1 4647 and #2 4713, respectively. However, it's important to note that the market may experience transient pullbacks at this level, causing severe drawdown. Once the market successfully achieves these targets, the subsequent squeezes will likely be significant and turbulent. Traders and investors should, therefore, be cautious and watchful during this phase, as it could considerably impact their trading and investment approach.
SP:SPX
by TradeSelecter
S&P 500 Daily Chart Analysis For Week of Nov 17, 2023Technical Analysis and Outlook: The S&P 500 index has been showing a consistent upward trend for a while now, and it has reached our designated Mean Resistance level of 4515 in this week's price action. This price level indicates a strong indication of retesting our completed Inner Index Rally 4590 on July 27, 2023. However, it's important to note that the market may experience a temporary pullback at this level, causing it to fall back to Mean Support of 4487. This transient retracement is essential for gathering momentum for the next rally phase. If the market successfully retests the completed Inner Index Rally, the subsequent pullback will likely be significant and turbulent. This means traders and investors should be cautious and watchful during this phase, as it could considerably impact their trading and investment approach.
SP:SPX
by TradeSelecter
3
AAPL's Overbought Indicators Hint at Possible CorrectionCurrently, Apple Inc. (AAPL) shares are presenting intriguing signals for discerning investors. Two key technical indicators, Stochastic RSI and MACD, provide indications that AAPL may have reached a point of overbought conditions. Stochastic RSI, serving as a measure of market saturation, highlights AAPL's overbought condition, suggesting that the price has likely reached a level prone to correction or decline. Furthermore, MACD shows negative divergence, indicating the potential weakening of the upward momentum in prices. It is essential to direct attention to the Support and Resistance level (SNR) around 182.34. This level not only boasts a strong history as a previous resistance level but may also play a significant role as a support level. However, it is crucial to bear in mind that trading always involves risk, and trading decisions should be based on comprehensive analysis and well-calculated risk assessments.
NASDAQ:AAPLShort
by fardycurry
US30: Anticipating Retracement to 34,300 SupportThe US30 has been on a remarkable bullish streak, surging toward monthly resistance levels. As historical data suggests, these levels often trigger retracements. With the current bullish momentum showing signs of exhaustion, a retracement to the key support level at 34,300 appears likely. Monthly resistance has been consistently hit, signaling a potential reversal. This analysis is based on historical price action, technical indicators, and personal interpretation. Always conduct thorough research before making trading decisions.
CAPITALCOM:US30Short
by DennisDims
S&P 500 Daily Chart Analysis For Week of Nov 10, 2023Technical Analysis and Outlook: The Spooz index pivoted briefly from the completed Inner Index Rally 4375. This transition allowed traders with long positions to exit with prudence. The current momentum is solid and targets a Mean Resistance of 4515. Traders expect this momentum to ultimately lead to a retest of our completed Inner Index Rally 4590 on July 27, 2023. However, it's worth noting that the market can be quite reactive, and sudden fluctuations in either direction may occur. As such, traders should remain vigilant and have a sound strategy in place to deal with unexpected market movements.
SP:SPX
by TradeSelecter
2
S&P 500 Daily Chart Analysis For Week of Nov 3, 2023Technical Analysis and Outlook: The stabilized selloff in the bond market in this week's price action sent the index raging upward all the way up to Mean Res 4378 and completing our Inner Index Rally 4375. On the downside, the index will likely go down toward the Mean Sup 4238, followed by a series of price targets marked on the chart. However, due to the reactionary nature of the market, sudden fluctuations in either direction are possible.
SP:SPX
by TradeSelecter
13