ACTV - S&P 500: A Significant Change - Week Starting 11th March (Technical Analysis)

2024-03-10 16:00:00 ET

Summary

• The S&P 500 reached a new all-time high of 5189 on Friday, but instead of the usual strong weekly close, experienced a change in character.
• A daily "engulfing" pattern could be the start of a significant reversal.
• 5048-5056 holds the key to either a resumption of the uptrend, or a drop to 4918-20 and possibly 4818.

The S&P 500 (SPY) worked its way to another new all-time high of 5189 this week, just above the Fibonacci target of 5179 outlined in my last article. To be honest, I nearly shut down my screens early on Friday as it surged higher - after all, 16 out of the last 18 weekly closes have been higher and Fridays have been particularly strong. But then something different happened - a reversal of 66 points, which took the S&P500 into a lower weekly close. Perhaps more importantly, the "Magnificent 7" lost its general, Nvidia (NVDA)....

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