Key S&P 500 Level to Watch Before the U.S. Election—Breaking It Could Spell Trouble
Last Friday, the S&P 500 Index ( $.SPX(.SPX)$ ) didn’t close the week on a strong note. Thursday saw a solid bearish candle, while on Friday, the price initially opened higher but ultimately ended the day lower.
This price action could indicate profit-taking or position trimming ahead of expected market volatility due to upcoming political events.
The uptrend remains intact, and minor price corrections can be healthy for the continuation of the current trend. However, last week’s close fell below a key support level of 5765, which could signal some caution.
From my analysis, a much stronger support zone lies between 5597 to 5629. If the price breaks below 5597, it may signal the end of the current uptrend, potentially leading to a deeper correction toward the 5400 level. This pullback could be an opportunity for those looking to enter at lower prices - I’ll update again when the price enters the bullish zone predicted by my system - remember to follow me so you won’t miss out on any of my posts.
For those considering a hedge on existing long positions, Soc Gen’s short DLCs on the S&P 500 offer a way to gain value if the index heads downward.
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S&P500 key levels
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Disclaimer:
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This advertisement has not been reviewed by the Monetary Authority of Singapore. This post is sponsored by Societe Generale, Singapore Branch. The content of this article does not form part of any offer or invitation to buy or sell any daily leverage certificates (the “DLCs”), and nothing herein should be considered as financial advice or recommendation. The price may rise and fall in value rapidly and holders may lose all of their investment. Any past performance is not indicative of future performance. Investments in DLCs carry significant risks, please see dlc.socgen.com for further information and relevant risks. The DLCs are for specified investment products (SIP) qualified investors only.
Modify on 2024-11-04 12:04
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