SP500 GANN WEEKLY ANALYSIS FOR FOMC JUNE 11-12 2024
S&P 500 index made at triple top on weekly timeframe at 5265 an important level on chart. Thereafter it corrected down for 3 weeks Gann Rule 2/3 weeks correction against the trend.
Index did not break the important level of 4940 with the low coming at 4953.56 on 15 Apr 2024 week. Gann wheel shows April 12 as important. Price analysis done on Square of 52. Price Cycle completes at 52460 with usual lost motion which may overthrow the level or undershoot it as per the prevailing vibrations. We are at momentum vibration level on the index which comes at 5373.32. Weekly of 5375.08 seen on 03 June 2024 candle. Prior week low was important at price cycle level of 5200 actual low at 5191.68 on 28 May 2024 weekly candle.
Market players expecting rate cuts in FOMC meet it will be interesting to see if get it and euphoria continues ahead and we meet the targets of 5460 needs to be seen. Mars and Pluto square around the same time makes it more interesting to watch it. For that we need to stay above 5373.32 and stay put above 5395 around the annoucement period.
Happy Trading !!!
N.B. Not a financial advice to buy or sell.
With usual disclaimers as applicable within the reach of this
beautiful trading analysis platform. Thanks to the developers
of the program for this opportunity to use it freely to
express our ideas to the community of traders.
Index did not break the important level of 4940 with the low coming at 4953.56 on 15 Apr 2024 week. Gann wheel shows April 12 as important. Price analysis done on Square of 52. Price Cycle completes at 52460 with usual lost motion which may overthrow the level or undershoot it as per the prevailing vibrations. We are at momentum vibration level on the index which comes at 5373.32. Weekly of 5375.08 seen on 03 June 2024 candle. Prior week low was important at price cycle level of 5200 actual low at 5191.68 on 28 May 2024 weekly candle.
Market players expecting rate cuts in FOMC meet it will be interesting to see if get it and euphoria continues ahead and we meet the targets of 5460 needs to be seen. Mars and Pluto square around the same time makes it more interesting to watch it. For that we need to stay above 5373.32 and stay put above 5395 around the annoucement period.
Happy Trading !!!
N.B. Not a financial advice to buy or sell.
With usual disclaimers as applicable within the reach of this
beautiful trading analysis platform. Thanks to the developers
of the program for this opportunity to use it freely to
express our ideas to the community of traders.
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