S&P 500 Soars: $5,110 Support Fortified, $5,277 Next Stop?

SmartReversals
03-21

The 7th attempt was the charm

The $S&P 500(.SPX)$ 's breakout today has fueled the rally and appears to be solidifying $5,110 as a key support level for the rest of the year.

The consolidation expected is reminiscent of past instances where the index crossed the Bollinger Bands in a significant proportion of the daily candle.

Here's the good news: the resistance at $5,190 has flipped and is now acting as support. Adding to the bullish sentiment, the oscillator's crossover provides further confirmation, and the MACD's attempt at a bullish crossover aims to seal the deal.

The next target would be $5,277 if $5,190 holds during the week. This level can serve as a reference point for a stop-loss order, making it a more strategic option compared to shorting the market.

As said before, don't be too bearish:

As mentioned since February, those who are waiting at the $4,600 or $4700 bus stops, just lost the bus, forever?

Maybe, this is a secular bull market as also posted at the beginning of the year with historical charts.

While I expected mild pullback to the $5050 - $4,900 range, this current move suggests a bullish continuation.

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S&P 3-Day Decline: Hold Stocks or Cash for the Holiday?
S&P has fallen for 3 consecutive days. This Friday is Good Friday and then Easter Festival. --------------- Would You Hold Stocks or Hold Cash During the Holiday? What's your target for S&P 500? 5200, 5500, or 6000?
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Comments

  • cheeryx
    03-21
    cheeryx
    The way you break down the S&P 500 movement is so on point
  • DonnaMay
    03-21
    DonnaMay
    🚀
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