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USA STOCK MARKET _ S&P 500 Daily Time Frame
The S&P 500 is now down 6.7% YTD and up 6.5% over the last year
As we can see on the chart the previous long term support static trend line is now 3029 the most important resistance of the Mid Term upward trend. We put less emphasis on whether the price is above or below it. It’s possible we can see another push towards 3,100-3,130 .. but if large-cap growth takes a breather then it’s unlikely we get much above that in the near-term.
The big question is: Make or Break or the amazing upward reaction will be finished?
¨ it is estimated that τhe breakout will be achieved and will open the way for the historically high with as long as the medium-term trend remains strong and strong negative intervention in the resistance that the index is approaching will not appear…
Bullish Scenario: A sustained move over 2,750 units will indicate the presence of buyers and the previews support at 3029 units is the first target and second 3.370 units
Bearish Scenario: A sustained move under 2.750 will signal the presence of sellers. The first target in 2.650. If this fails the selling will extend into the next Gan angle at 2.487 units. This is the last potential support before the Mid Term Trend changes.
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