S&P 500, 5/30/23
The 4220.00 long-term resistance area can contain buying through Q3, below which 4012.00 is attainable by the end of June, 3852.25 in reach over the next 2 - 3 months.
Upside, a weekly settlement above 4220.00 should mark the resumption of a long-term bull market, then anticipating 4548.00 within 3 - 5 months, a retest of the 4808.25, January 2022 all-time high attainable by the end of the year.
Downside, a weekly settlement below 4012.00 signals 3852.25 within 3 - 5 weeks, where the market can bottom out through the balance of the year.
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For Tuesday, the 4205.50 - 4220.00 region remains pivotal through the balance of the year, above which 4309.25 is attainable within the week.
Overall, a clear weekly settlement Friday above 4220.00 (last week failed to settle above this significant long-term channel top) would indicate longer-term bull trend resumption, 4548.00 (rising weekly) then considered a 3 - 5 month objective.
Downside Tuesday, breaking/opening below 4205.50 signals 4190.75, while closing below 4205.50 indicates a good weekly high, 4166.25 then expected within several days, 4090.25 within 2 - 3 weeks, possibly yielding 4012.00 by the end of June.
Upside, a weekly settlement above 4220.00 should mark the resumption of a long-term bull market, then anticipating 4548.00 within 3 - 5 months, a retest of the 4808.25, January 2022 all-time high attainable by the end of the year.
Downside, a weekly settlement below 4012.00 signals 3852.25 within 3 - 5 weeks, where the market can bottom out through the balance of the year.
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For Tuesday, the 4205.50 - 4220.00 region remains pivotal through the balance of the year, above which 4309.25 is attainable within the week.
Overall, a clear weekly settlement Friday above 4220.00 (last week failed to settle above this significant long-term channel top) would indicate longer-term bull trend resumption, 4548.00 (rising weekly) then considered a 3 - 5 month objective.
Downside Tuesday, breaking/opening below 4205.50 signals 4190.75, while closing below 4205.50 indicates a good weekly high, 4166.25 then expected within several days, 4090.25 within 2 - 3 weeks, possibly yielding 4012.00 by the end of June.
Anthony Speciale, founder of Speciale Analysis offers an affordable approach for all traders to grow into their highest potential.
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