S&P 500 Daily Chart Analysis For Week of Oct 27, 2023
Technical Analysis and Outlook:
In this week's price action, the index bounced back to our expected target Mean Resistance of 4255 but quickly fell to retest our previously completed Inner Index Dip at 4212. It then hit the strategic point of the next Inner Index Dip at 4150 and is currently resting at a Mean Support of 4113. On the downside, the index will likely go further down toward the Inner Index Dip at 4055, followed by Next #1 at 3961 and Next #2 at 3850. All this is just for starters. However, there is a possibility of it bouncing back to Mean Resistance 4156.
In this week's price action, the index bounced back to our expected target Mean Resistance of 4255 but quickly fell to retest our previously completed Inner Index Dip at 4212. It then hit the strategic point of the next Inner Index Dip at 4150 and is currently resting at a Mean Support of 4113. On the downside, the index will likely go further down toward the Inner Index Dip at 4055, followed by Next #1 at 3961 and Next #2 at 3850. All this is just for starters. However, there is a possibility of it bouncing back to Mean Resistance 4156.
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