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home / news releases / AFMC - S&P 500: The Big Hurdle Week Starting 13th May (Technical Analysis)

AFMC - S&P 500: The Big Hurdle Week Starting 13th May (Technical Analysis)

First Trust Active Factor Mid Cap ETF

2024-05-12 16:00:00 ET

Summary

  • The S&P500 rebound reached 5239, just 25 points from the all-time high.
  • The 5265 top may seem like a big hurdle, but the price action in that area in March/April suggests it can easily be broken.
  • There could be a dip mid-week when an exhaustion signal is due to complete around the time of the CPI release, but this should hold 5142.

Last weekend's article warned to get " Ready for the Squeeze " and concluded there are "good odds of a move higher" in the S&P500 ( SPY ). This played out to a point, but the move higher exceeded my expectations and now looks more than just a short squeeze. Wednesday's session had a chance to form a reversal with a gap down, but when that failed, it set up continuation and a strong Thursday and Friday for the third week in a row. ...

For further details see:

S&P 500: The Big Hurdle, Week Starting 13th May (Technical Analysis)
Stock Information
Company Name: First Trust Active Factor Mid Cap ETF
Stock Symbol: AFMC
Market: NASDAQ
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