Aside from the Dow Jones Industrial Average (Dow), which ended -0.3% lower, last week witnessed gains across major US equity indices.
The S&P 500 snapped a 4-week losing streak and rebounded from channel support on the weekly timeframe, taken from the low of 3,491. Additional technical confluence underpinning price can be seen in the form of an equivalent AB=CD support structure at 4,272 (100% projection ratio) and the Relative Strength Index (RSI) showing signs of rebounding from the 50.00 centreline, as well as the overall trend facing higher.
Together, this may mean that further upside could be on the table for the S&P 500 over the next few weeks, targeting the 38.2% and 61.8% Fibonacci retracement ratios at 4,367 and 4,459, respectively (common upside targets derived from legs A-D).
The S&P 500 snapped a 4-week losing streak and rebounded from channel support on the weekly timeframe, taken from the low of 3,491. Additional technical confluence underpinning price can be seen in the form of an equivalent AB=CD support structure at 4,272 (100% projection ratio) and the Relative Strength Index (RSI) showing signs of rebounding from the 50.00 centreline, as well as the overall trend facing higher.
Together, this may mean that further upside could be on the table for the S&P 500 over the next few weeks, targeting the 38.2% and 61.8% Fibonacci retracement ratios at 4,367 and 4,459, respectively (common upside targets derived from legs A-D).