You are here: Home > articles > Forex > Technical Analysis – US 500 reverses towards 123.6% Fibonacci
Technical Analysis – US 500 reverses towards 123.6% Fibonacci
April 15, 2024 10:27 amVideo
Latest News
- Technical Analysis – US 500 reverses towards 123.6% Fibonacci April 15, 2024
- Market Comment – Iranian attacks put markets on edge, but fallout limited April 15, 2024
- XM and Human Initiative Spread Hope to Flood Disaster Evacuees in Demak April 15, 2024
- Weekly Technical Outlook: 15/04/2024 – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Forex forecast 04/15/2024: EUR/USD, GBP/USD,USD/CAD, USDX and Bitcoin from Sebastian Seliga April 15, 2024
- Weekly Technical Outlook – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Technical Analysis – Gold in a wait-and-see mode April 15, 2024
- UK inflation report could shift the market’s focus away from geopolitics – Preview April 15, 2024
- Gold Still Expected to Rise on Wall Street and Main Street April 15, 2024
- EUR/USD and GBP/USD: Technical analysis on April 15 April 15, 2024
- Analysis and trading tips for USD/JPY on April 15 April 15, 2024
- Analysis and trading tips for GBP/USD on April 15 April 15, 2024
- Analysis and trading tips for EUR/USD on April 15 April 15, 2024
- Hot forecast for EUR/USD on April 15, 2024 April 15, 2024
- Technical analysis of GBP/USD for April 15-20, 2024 April 15, 2024
- Technical analysis of EUR/USD for April 15-20, 2024 April 15, 2024
- Energy in Focus: What news awaits investors on Wall Street April 15, 2024
- Forecast for EUR/USD on April 15, 2024 April 15, 2024
- Forecast for GBP/USD on April 15, 2024 April 15, 2024
- Forecast for USD/JPY on April 15, 2024 April 15, 2024
US 500 cash index experiences a minor pullack
Meets support at 123.6% Fibo extension of its 2022 downtrend
Oscillators exit overbought zones, but do not weaken dramatically
The US 500 stock index (cash) has been staging an impressive rally since it bottomed out in October 2023, generating consecutive all-time highs. Although the price has been experiencing a setback in the past two weeks, it’s still too early to call for a sustained downside correction.
Should bearish pressures persist, the index could challenge 5,130, which is the 123.6% Fibonacci extension of the 4,817-3,489 downtrend. Slicing through that hurdle, the price may descend towards the 2021 peak of 4,817, which could serve as support in the future. Even lower, the 78.6% Fibo of 4,533 could provide downside protection.
In case the bulls regain the upper hand, the recent record high of 5,281 could come under scrutiny. Further advances could then cease around the 138.2% Fibo of 5,324. A break above that zone could pave the way for the 150.0% Fibo of 5,481, which lies very close to the 4,500 psychological zone.
Overall, the US 500 index has been facing some downside pressures in the near-term as its advance had gotten extremely overstretched. Is this a temporary pullback or the start of a strong downside correction?
Related Posts: