The S&P 500 is showing strong signs of recovery, having decisively broken above the 6620 level after previously moving out of a diagonal formation. This breakout effectively confirmed a bottom and signals the start of a new bullish phase.
The current advance appears impulsive in nature, suggesting a five-wave structure is unfolding. This indicates that, even if a short-term wave 4 pullback occurs, the broader recovery is likely to continue with further upside ahead.
From a technical perspective, key support is now seen in the 7000–7100 zone, which could act as a foundation for the next leg higher. As long as price holds above this area, the bullish outlook remains intact, with momentum favoring continued gains in the near term.
The current advance appears impulsive in nature, suggesting a five-wave structure is unfolding. This indicates that, even if a short-term wave 4 pullback occurs, the broader recovery is likely to continue with further upside ahead.
From a technical perspective, key support is now seen in the 7000–7100 zone, which could act as a foundation for the next leg higher. As long as price holds above this area, the bullish outlook remains intact, with momentum favoring continued gains in the near term.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.