SP500 Pullback Coming Before 5000!

12 lis 2023

Closing on November 10:
The SP500 index recorded a brilliant rise, gaining 1.56%. The opening occurred at 4,364.1 points, below the highs of the previous session. Throughout the day, the quotes strengthened, closing at 4,415.2 points, near the session highs.

Status and Trend Analysis:
Short-term trend: Signs of strengthening with immediate resistance at 4,439.
Key levels:
Resistance 2: 4,507
Resistance 1: 4,439
Support 1: 4,375
Support 2: 4,326
Bullish strength: Supported by the upward crossover of the 5-day moving average over the 35-day moving average.
Technical implications: Indicate a possible continuation of the bullish phase towards the level of 4,507.
Additional Information:
The analysis suggests that the index shows bullish strength, supported by technical indicators. The next resistance could be tested at 4,439, with prospects for further increase towards 4,507. However, it is essential to monitor support levels to understand the stability of the current trend.
Personally, I expect an upward movement to the level of 4450, where the price may feel the physiological pressure of the 0.79% Fibonacci level and experience a pullback with a subsequent descent into the order block area before resuming or continuing to decline towards the retracement of the bearish trendline. Greetings from Nicola, the CEO of Forex48 Trading Academy.