SPVM - S&P 500: It's Lining Up Week Starting June 17th (Technical Analysis)
2024-06-16 16:00:00 ET
Summary
- S&P 500 has reached the long-standing target of 5400-412.
- However, a bullish bias remains and is likely to persist into Q3.
- With two higher timeframe exhaustion signals due to come into effect in early Q3, a reversal may be setting.
- Short-term direction hinges on 5400.
The S&P 500 ( SPY ) popped higher again this week and finally reached the long-standing target of 5400-412. As made clear in last week's article , this was a place to re-assess rather than close everything and go short, and thankfully the set-up was clear enough to stay bullish. More on this later....
S&P 500: It's Lining Up, Week Starting June 17th (Technical Analysis)