S&P bulls maintain control but no initiative yet
Last week was characterized by controlled selling, with prices drifting down slowly as the market awaited the unemployment data released on Friday. As we can see on the daily chart, sellers were unable to close the day below the previous day's low, even after a significant sell-off on Tuesday. Once the unemployment data was published, alleviating concerns about a potential recession, the bulls regained control, and the week closed on a positive note.
The next key objective for buyers is to break through the resistance around 574.7. Given that this level has been retested multiple times, it's unlikely to hold. However, we still need to closely monitor the price's reaction to this level and observe what happens immediately after the breakout.
The long-term outlook remains bullish. In the short term, there is still a high possibility that prices will continue consolidating within the 565–575 range, as the market remains influenced by political uncertainty in the U.S.
The next key objective for buyers is to break through the resistance around 574.7. Given that this level has been retested multiple times, it's unlikely to hold. However, we still need to closely monitor the price's reaction to this level and observe what happens immediately after the breakout.
The long-term outlook remains bullish. In the short term, there is still a high possibility that prices will continue consolidating within the 565–575 range, as the market remains influenced by political uncertainty in the U.S.
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