SP500 is in a strong bullish market with the formation of higher highs and higher lows. This means, the market has the potential to continue moving up after tapping the support level. The price at the support level is 5100. This is a strong support.

The ascending trendline is piercing nearby by the support after retesting, it can form a solid confluence. 

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

EMA 50 is also bullish and there is a high chance for the continuation upwards for the market.

RSI is at 67. It needs to be neutralized at the 50 level in order to align with the technical factors.

SP500 buys from support

Mar 01 2024