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Daily Technical Analysis Research 11.10.2024 – Currency (S&P500)

S&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.

Daily Technical Analysis Research 11.10.2024 - Currency (S&P500) - Screenshot 2024 10 11 at 13.41.42 1024x557
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.

Daily Technical Analysis Research 11.10.2024 - Currency (S&P500) - Screenshot 2024 10 11 at 13.41.49 1024x551

Author

Matthew Hayward
Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...
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