SP500 just tested the support and started moving up towards the resistance level. The support level is priced at 4935 from where the market is going to retest and continue its course up. The resistance level will be our profit target. The market will form another bullish impulse towards the resistance level.

The ascending trendline has been validated and a wick has been left off rejecting the support region. This further means an upwards move. 

The retracement level of 61.8% is in confluence with the support and trendline level. 

EMA 50 is still bullish in the longer run but is just hovering around the price action right now.

RSI is at 81. It needs to neutralize at the 50 level in order to align with the technical factors. 

SP500 bullish from support

Feb 14 2024