S&P 500 Daily Chart Analysis For Week of Aug 9, 2024
Technical Analysis and Outlook:
The S&P 500 Index displayed severe downward movement during the current week's trading session as we blasted through Key Sup 5238 and completed our long-time flagged target, Inner Index Dip 5131. The resilient rebound occurs, and the current market price action rests at Mean Res 5345. The likelihood of interim downward pressure toward the Mean Support at 5280 exists before the index resumes its upward trajectory. However, the prevailing price action suggests a sustained uptrend toward the Inner Interim Index Rally 5443, possibly extending to Mean Res 5525. However, these attained targets are likely to exert downward pressure.
The S&P 500 Index displayed severe downward movement during the current week's trading session as we blasted through Key Sup 5238 and completed our long-time flagged target, Inner Index Dip 5131. The resilient rebound occurs, and the current market price action rests at Mean Res 5345. The likelihood of interim downward pressure toward the Mean Support at 5280 exists before the index resumes its upward trajectory. However, the prevailing price action suggests a sustained uptrend toward the Inner Interim Index Rally 5443, possibly extending to Mean Res 5525. However, these attained targets are likely to exert downward pressure.
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