S&P500 Retracement 31.05.2024 by BDSwiss_Academy on TradingView.com
U.S. Indices: Friday’s Jump 31.05.2024! What’s next?
S&P500 H1 Chart Remarks and Technical Insights:
– A reversal, crossing the 30-period MA on its way up potentially ending the downtrend.
– Confirmation of the bullish divergence (RSI: higher lows, Price: lower lows).
– The index is near the upper band of the 50- period Bollinger Bands indicating resistance for moving further to the upside.
– Retracement to the 61.8 Fibo level (back to the 61.8% of the total movement to the upside is more probable.
Target Level is near 5,265 USD
Less probable alternative scenario could be the breakout of the 5,300 USD resistance pushing the index more to the upside with target level near 5,330 USD.
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