Current Price: The current price of the S&P 500 is indicated as 5,821.84, situated near the 0.786 Fibonacci retracement level (5,829.20). This level often serves as a significant support or resistance zone.
Fibonacci Levels: The Fibonacci retracement levels are plotted to assess potential reversal points in the market:
0.236 at 5,721.91 0.382 at 5,750.39 0.5 at 5,773.41 0.618 at 5,796.43 0.786 at 5,829.20 1.0 at 5,870.94 (potential resistance) Recent Trend: The chart indicates a strong upward movement, with multiple green candles, suggesting bullish sentiment. However, the recent dip points to some selling pressure or profit-taking after the rally.
Support and Resistance:
The 0.786 level could act as a resistance if the price fails to break above it. If the price continues to decline, the 0.618 and 0.5 levels might serve as potential support. Future Projections: If the price breaks above the 0.786 level, it might target the 1.0 level (5,870.94) next. Conversely, if it falls below 0.618, further downside could be expected.