AFMC - S&P 500: Saved Week Starting June 3rd (Technical Analysis)
2024-06-02 16:00:00 ET
Summary
- The S&P 500 was 30 minutes away from forming bearish patterns on the weekly and daily charts.
- Friday's rally into the close saved the charts and squeezed the bears.
- The May close of 5277 gives the first part of June a bullish bias, with new all-time highs above 5341 still likely.
This week's action was challenging to navigate and to understand. The S&P500 ( SPY ) opened the week higher, then steadily dropped through support levels. With less than half an hour left until the monthly close, Friday's session was trading at 5228, well inside the March/April range and shaping up to form bearish patterns on the weekly and daily charts. The similarities with the July '23 top ( as highlighted last week ) were compelling. Then, out of nowhere, a spike higher of nearly 50 points flipped everything on its head. ...
S&P 500: Saved, Week Starting June 3rd (Technical Analysis)