AFMC - S&P 500: Window For A Reversal - Week Starting 26th February (Technical Analysis)
2024-02-25 16:00:00 ET
Summary
- The S&P 500 reached 5111, right in the target range of 5107-5112.
- Despite the strong move on Thursday, there were some red flags during this phase of the rally.
- With weekly exhaustion due, there is a window of opportunity for a reversal to develop. I outline what to look for to signal a turnaround.
The S&P 500 ( SPY ) blew off to new all-time highs this week, mirroring the projections outlined in last weekend's article. Not only did the index "take a step back on Tuesday's re-open and drop to test the 4950-60 area," it then rebounded to the target area at "the cluster of Fibonacci measurements in the 5107-112 area" and reversed at 5111 on Friday....
S&P 500: Window For A Reversal - Week Starting 26th February (Technical Analysis)