S&P 500m
The S&P 500 is approaching a key lateral confluence at 4308/45312- a region defined by the August high-day close, the 61.8% retracement of the 2022 decline and channel resistance.
Looking for possible inflection / price exhaustion into this threshold.
A topside breach / close keeps the focus on the upper parallel (blue- currently ~4350s) and the April 2022 outside reversal close at 4393.
Initial support at the 25% parallel (currently ~4240s) with broader bullish invalidation now raised to the monthly opening-range low at 4166.
Michael Boutros, Sr Technical Strategist with FOREX.com
Twitter: MBForex
MBForex
Looking for possible inflection / price exhaustion into this threshold.
A topside breach / close keeps the focus on the upper parallel (blue- currently ~4350s) and the April 2022 outside reversal close at 4393.
Initial support at the 25% parallel (currently ~4240s) with broader bullish invalidation now raised to the monthly opening-range low at 4166.
Michael Boutros, Sr Technical Strategist with FOREX.com
Twitter: MBForex
MBForex
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