The 100-day MA and the 50% of the range since the October 2023 high are being tested on the downside. Can support buyers stall the fall? |
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In this technical analysis video, I provide an analysis of the S&P 500 Index (SPX) at Forex Live. I identify a purple channel that has not yet been confirmed but has two touch points so far. I believe that we will create another touch point around 5,000 later on.
For swing traders, I am looking at a pullback from the purple line from this low, which is about 4,845. I think that we could then possibly go up to 5,000. For patient traders who want to wait for a deeper pullback to get to the lower standard deviation of this anchored V up, I am looking at a possible trade with a 4 to 1 reward-to-risk ratio.
The stop is 1% below the entry price. The take profit would be 4% above the entry price, just below 5,000.
This trade is also based on my bias that Google and Microsoft, which are
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Support area comes between the 50% midpoint at 0.60716, and the 200 day moving average at 0.6089. A swing area sits between at at 0.60788 – 0.60856.
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