3 min readS&P 500 (SDX):
The S&P 500 has hit a new all-time high once again! As the price moves into uncharted territory, it raises the question: will the market cool off, or will we continue to push higher into new price discovery regions? At the moment, we are trading around $5,700.00.
Looking at the technicals, we can see that the price has broken out of this internal descending trend line without significant pullbacks or retests of previous resistance levels, now acting as support. This suggests there may still be room for downside if market sentiment shifts. The RSI indicator shows no signs of price slowing down, but it does indicate that the market is currently “overbought.” If the price starts to cool off, it will be interesting to observe how it reacts to the daily 50 EMA, which aligns with the 50% Fibonacci level.
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