$S&P 500(.SPX)$ π Santa Rally π
π SPX Levels: Navigating Year-End Trends
As of 18Dec 24, π³πΏNZ Time, the S&P 500 is trading at 6,052.66, reflecting a slight dip of -0.35%.
From 14Dec24 ~ day mostly done other than chop. Want to be way more cautious now going into next week. Where the markets momentum slowed or dropped after the 2016 and 2020 elections going into Santa.
π Key Levels to Watch:
β’ Support: $6045
β’ Mid-Range Resistance: $6055
β’ Breakout Zone: $6067 π
2MIN chart with Heiken Ashi candles. Looks like a cup and handle. Not sure it is going to break out with FOMC tomorrow. Keep watching it. Might as well make it a triple header, here is a prior 30 min $SPX chart with some fibs. It only trades during RTH and generally follows the ES.
Historical Context:
December traditionally brings the Santa Claus Rally, where stocks often climb during the final trading days of the year. However, this year has been a bit trickier. Analysts note that performance has remained relatively flat so far, and scepticism about the rally persists.
Current Market Sentiment:
Investor optimism in 2024 has hit multi-decade highs, but historically, such prolonged bullish sentiment can signal caution moving into 2025.
Technical Outlook:
β’ Holding $6045 is crucial for the bulls to maintain control.
β’ Breaking above $6055 and $6067 could ignite momentum for a late-year push higher.
Final Thoughts:
While December has been kind to the S&P historically, this yearβs choppy action calls for vigilance. Keep those levels on the radar as we watch for any year-end moves!
Happy trading ahead! Cheers, BC πππππ
@Tiger_comments @TigerPicks @TigerStars @TigerPM @Daily_Discussion @TigerGPT
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