S&P index reaches the top side target area. Sellers lean on the test.

Technical Analysis

S&P test sets key upside targets

The S&P index moved up to a high of 4322.62 today.

That high price move between the 61.8% retracement of the move down from the January 2022 high to the low reached in October 2022 at 4311.11, and the swing high going back to August 2022 at 4225.28. The inability to extend above those levels has led to some back backtracking. The low corrective price extended down to 4308.08 so far but is currently trading back higher at 4317.17.

Buyers are trying to keep the momentum going, but there are also good reasons for sellers to lean, as risk can be defined and limited against the aforementioned resistance levels. Traders who want to try and pick a top can always stop out on a break higher.

Articles You May Like

These 7 stocks hit 52-week highs, rallied up to 25% in a month
BofA: What we expect from the US jobs report on Friday
Consumer confidence surges as election nears, while job openings move lower
Southwest Airlines profit tops estimates, company expects higher revenue in fourth quarter
EUR/GBP to continue to edge lower to the 0.8150 area – Rabobank

Leave a Reply

Your email address will not be published. Required fields are marked *