AFMC - S&P 500: Trade Of The Year. Week Starting 29th April (Technical Analysis)

2024-04-28 16:00:00 ET

Summary

• The S&P 500 is recovering in what could be a prolonged and complex corrective phase.
• 5108 resistance has been tested, but likely breaks for 5168-74 where the next leg down may start.
• Q2 may be a challenge to trade, but long-term investors may get an opportunity to buy below 4818 in what should be the "trade of the year."

Last weekend's article was titled "Capitulation" and speculated that the S&P500 ( SPY ) had made a short-term bottom at the futures low of 4924. It concluded, "5048-5050 is the initial target, but should eventually break for 5108."...

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