S&P 500 Soars: $5,110 Support Fortified, $5,277 Next Stop?
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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- cheeryx·03-21The way you break down the S&P 500 movement is so on pointLikeReport
- DonnaMay·03-21🚀LikeReport