AFMC - S&P 500: Hold Your Nose And Buy Week Starting June 24th (Technical Analysis)
2024-06-23 16:00:00 ET
Summary
- The S&P500 reached the 5500 milestone before reversing lower.
- Thursday's reversal (and accompanying Nvidia reversal) looks similar to March 8th.
- New highs are still likely, but there could be a dip first. This article looks at where a buying opportunity could set up.
The S&P 500 (SPY) briefly exceeded 5500 this week and the 5400 inflection point pointed out in last weekend's article was never in danger of breaking. In theory, it should be quite simple to buy against these levels - the risk is defined (and low), plus the trend is clearly higher so odds are in your favor. In practice, it is, for one reason or another, very difficult; there are always things to worry about....
S&P 500: Hold Your Nose And Buy, Week Starting June 24th (Technical Analysis)