AFMC - S&P 500: An Eye On The Higher Timeframes - Week Starting 25th March (Technical Analysis)
2024-03-24 16:00:00 ET
Summary
- The S&P 500 made a decisive break higher after several weeks of consolidation.
- A bullish month and quarter are likely to close near the highs.
- Where dips need to hold next week to keep the trend intact.
The S&P 500 (SPY) made another decisive break higher this week. This follows several weeks of stalling and a shift in market behaviour (lower weekly closes, weaker action on Fridays) which failed to deliver a decisive breakdown. As last weekend's article concluded, "The charts show indecision rather than a strong signal either way...the odds still slightly favour the bulls." As we will see later in this article, the rally continues to hold the trend channel....
S&P 500: An Eye On The Higher Timeframes - Week Starting 25th March (Technical Analysis)