Technical Bull-Market into 2024

2 thg 1

The S&P 500 currently trades above its 50 and 20 day exponential moving averages as it tests over-head resistance of the year high for 2023 at the end of a longer-term measured move (expected). Currently 84% of the stocks in the NYSE are above their 50 day MA which leads me to believe the market is overbought as is and will need to correct itself (taking a break) into a retracement of the primary bull-market in January 2024 before resuming the Primary or "full force" trend toward all time highs. If you take a look at the Percentage Price Oscillator you'll notice divergent momentum on the histogram indicating the "bears" have started to take control of the price action in the broad market. This is technically sound as we expect the market to correct at its current level - staying in trend of an AB = CD measured move. External factors are subject to change existing market conditions.

3 thg 1

Ghi chú

The Visible Range Volume Profile is also showing the fair value area to fall exactly in the fib retracement of the primary trend as a base of support.

4 thg 1

Ghi chú

The S&P 500 currently trades above its 50 and 20 day exponential moving averages as it tests over-head resistance of the year high for * 2021 * CORRECTION

6 thg 1

Ghi chú

The analysis has been revised - A shallow correction to the 4700 level is most probable before resumption of the primary trend.