S&P 500 Set for Downward Trend as Investors Eye Economic Data

29 авг.

Stocks Rise Before the Open as Investors Await U.S. Economic Data

S&P 500 Technical Analysis:

The price recently Rejected its support zone and has subsequently rebounded, indicating a potential retest.

The current outlook suggests that as long as the price remains below 5620, a bearish trend is likely to develop, to 5584. A break below this level could trigger a more substantial bearish move.
Conversely, if the price stabilizes above 5620, it may rise to 5644, and sustaining above 5644 could lead to a move towards an all-time high (ATH).

Today's GDP data release is anticipated to have a negative impact on the indices if the figures do not meet expectations.

Key Levels:
Pivot Line: 5620
Resistance Levels: 5644, 5675, 5709
Support Levels: 5584, 5525, 5491

Expected Trading Range for Today: The price is likely to fluctuate between 5644 and 5525.

Trend: Downward Movement