Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Chart Of The Day: SPX

Published 05/26/2022, 06:57 PM
Updated 07/09/2023, 06:31 AM

S&P 500 Daily Chart.

We have heard from some FOMC members recently, which leads us to believe that their rhetoric may be changing near term to a less hawkish stance as U.S. data continues to come in weaker than expectations. 

This has led to a rally on the S&P 500, from below the 3900 level and could also lead to a test of the 4100. With the "end of month" flows squarely in the sights of the market, stocks could gain some steam higher if the 4100 (neckline of the head-and-shoulder pattern and previous support) is broken. Since the volume has been light in this rally, the risk is a rally attempt from here will probably fail. The question is "4100? 4200? Higher?" The 4129 level is the 38% Fibonacci retracement, and somewhere near the 50-day moving average, or between the 50% and 61.8% retracement seems like a likely upside target before selling resumes. 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.