''Bullish Momentum Continues: Will the Next Target Be 6,770$? ''

Sep 17

Technical Analysis of SPX500

▪SPX500 Price Action Overview

▫Current Trend:
The S&P 500 index is currently showing a bullish trend as higher highs (HH) are being formed along with a series of breakouts and bullish structure (e.g., BOS – Break of Structure).

▪Price Target Areas:

▫1st Target Area:
The immediate resistance zone is marked at around 6,700. A break and close above this level could suggest continuation towards the second target.

▫2nd Target Area:
The next major resistance lies at 6,770, where further upward movement could face significant obstacles.

▪ Entry Point and Continuation

▫Entry Level:
The ideal entry point is near the green "RBS Level for Price," which serves as a potential reversal support zone where the price might find support to continue upward.

▫ Price Action:
The market is exhibiting an uptrend with the formation of higher lows (HL), suggesting that buying pressure is likely to continue as long as the price holds above the RBS level.

▪ Key Levels to Watch

▫ Support Zone:
The level near 6,500 acts as the key support zone. A breach below this area could shift the bias to the downside.
▫ Resistance:
Keep an eye on the resistance zones at 6,700 and 6,770 for potential reversal points if the price fails to break through them.

▪ Conclusion
The market is currently in a bullish phase, with the potential for higher targets. Traders should look for retracements to the RBS level for entry and monitor resistance areas at 6,700 and 6,770 for possible price stalls or reversals.

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Sep 18

Trade active

Sep 23

Note

1st target achieved,

Sep 25

Trade closed: target reached