S&P 500 Daily Chart Analysis For Week of Feb 9, 2024
Technical Analysis and Outlook:
The S&P 500 index has reached and surpassed our Inner Index Rally 4980, and we expect it to continue to rise in the upcoming week. Our projection is that it will fill the five-handle gap to reach an Outer Index Rally 5035 and then continue to Inner Index Rally 5072. However, we anticipate potential pullbacks in the market at this level.
Notwithstanding, if there is a down move or gap-down before reaching the 5035 price, the Mean Sup 4985 will be the primary target. It is essential to monitor the price action carefully in the first three days of the upcoming week's session to make informed trading entry decisions.
The S&P 500 index has reached and surpassed our Inner Index Rally 4980, and we expect it to continue to rise in the upcoming week. Our projection is that it will fill the five-handle gap to reach an Outer Index Rally 5035 and then continue to Inner Index Rally 5072. However, we anticipate potential pullbacks in the market at this level.
Notwithstanding, if there is a down move or gap-down before reaching the 5035 price, the Mean Sup 4985 will be the primary target. It is essential to monitor the price action carefully in the first three days of the upcoming week's session to make informed trading entry decisions.
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