3 min readS&P 500 (SDX):
The S&P 500 continues to demonstrate strong upward momentum, with the previous all-time high (ATH) serving as a key resistance level that has now turned into support. These levels, identified in earlier articles, were around $5,875.00.
A closer examination of the technicals reveals how price action has respected the aforementioned areas of interest, aligning with “rebalancing” on higher time frames. Notably, the price retraced to the 50% level on the Fibonacci tool, rebalanced, and resumed its upward movement. At present, the RSI indicator does not indicate any signs of momentum slowing, as it remains relatively neutral.
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