Hey Trader,
S&P 500 Macro Analysis for the WEEK of March 17, 2024
As retail traders, staying ahead of market trends is paramount for success.
Let's dive into the technical analysis of key formations and levels to guide your trading decisions for Monday, this week and beyond . . .
Macro Analysis
The formation at 5025.00 is crucial, serving as a pivotal point for market direction. If maintained, it can contain selling pressure into the later part of the year.
However, breaching this level opens the door for bullish momentum, with 5505.25 as a short-term objective over the next 1 - 2 months and a long-term target of 5958.00 within the next year.
A settlement below 5025.00 suggests a strong high through Q2, with a downside target of 4848.50 within 2 - 3 weeks and a further decline to 4469.00 over the following 3 - 5 months.
Traders should closely monitor this level for potential shifts in market sentiment.
Monday's Analysis
For Monday's trading session, the level at 5279.25 is critical for containing buying pressure throughout the week. A breach below this level could signal a downside move towards 5025.00 - 5064.00 within the week.
On the downside, 5121.25 serves as a support level to watch for containing session weakness. However, a close below this level indicates a swift move towards 5025.00 - 5064.00 within several days, potentially extending selling pressure through April and beyond.
Closing above 5279.25 on Monday signals a bullish outlook, with a target of 5505.25 over the next 2 - 3 weeks. This could mark the beginning of a significant uptrend into May activity and a continuation point into Q3.
Understanding these key formations and levels is essential for navigating the market with confidence. Stay vigilant, monitor critical levels, and leverage technical analysis to capitalize on profitable trading opportunities.
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Happy Trading,
Anthony Speciale
Speciale Analysis
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