SP500 shines back again

By Tomasz Wisniewski|

Published: March 06 2023, 13:08 GMT+0

SP500 shines back again

Tags:

The end of the previous week brought a significant shift in the global indices, with a strong sell signal transforming into a legitimate buy one in just two days.

On Thursday, the S&P 500 reached the long-term downtrend line and used it as proper support. On Friday, the price came back above the mid-term uptrend line, practically canceling the initial sell signal, which was created after the breakout of that support at the end of February. That breakout turned out to be a false one, creating a false breakout pattern (yellow), which is usually a strong signal in the opposite direction and promotes an upswing.

If the price manages to hold above the green uptrend line, we will have a proper signal to buy. A drop below this level would complicate the situation for the buyers. Although today’s moves are not expected to be significant, the answer should definitely come this week. It’s important to note that we have the NFP report coming out on Friday, which can be highly influential, especially on the indices.

Source: https://www.axiory.com/analytics/technical-analysis/sp500-shines-back-again

Back

Related Articles




The Latest Articles

Precious Metals Shine as Traders Eye Fed

September 16 2025, 06:14

ETH Retests Support: Bulls Eye Next Move

September 16 2025, 06:04

Stock of the day: Uber

September 16 2025, 05:58