S&P 500 Daily Chart Analysis For Week of Nov 8, 2024
Technical Analysis and Outlook:
During the current trading session, the S&P 500 index has exhibited significant strength by successfully filling the projected gap, as detailed in the S&P 500 Daily Chart Analysis dated November 1. This upward movement has facilitated a substantial rebound, as the index has retested both the Outer Index Rally level of 5861 and the Key Resistance level of 5865. Furthermore, the index has completed the Outer Index Rally threshold 6000, suggesting a promising potential for additional increases toward Outer Index Rallies at 6123, 6233, and 6418. Nevertheless, it is essential to recognize that achieving the Outer Index Rally 6000 level may prompt a downward price movement towards the Mean Support level of 5929 before progressing into the subsequent phase of the bullish trend
During the current trading session, the S&P 500 index has exhibited significant strength by successfully filling the projected gap, as detailed in the S&P 500 Daily Chart Analysis dated November 1. This upward movement has facilitated a substantial rebound, as the index has retested both the Outer Index Rally level of 5861 and the Key Resistance level of 5865. Furthermore, the index has completed the Outer Index Rally threshold 6000, suggesting a promising potential for additional increases toward Outer Index Rallies at 6123, 6233, and 6418. Nevertheless, it is essential to recognize that achieving the Outer Index Rally 6000 level may prompt a downward price movement towards the Mean Support level of 5929 before progressing into the subsequent phase of the bullish trend
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