A key focus for traders is the potential for a break above the 4500 level, which would serve as a highly bullish signal. Such a move could trigger the next upward leg in the market, leading to a potential runaway momentum. However, it is more likely that the market will experience further consolidation before any significant breakthrough occurs. The 4400 level could provide a support level during this consolidation phase.
The market dynamics have been heavily influenced by a handful of stocks, and this pattern will likely persist as the market continues to navigate the "AI narrative." With this in mind, traders may be looking for a pullback that offers an opportunity to take advantage of value. Identifying a support candle on the daily chart later this week could present an attractive entry point.
The S&P 500 exhibited limited movement during Monday's trading session, encountering resistance near the 4500 level. This lack of activity can be attributed to the upcoming Independence Day holiday and reduced trading participation. While a break above the 4500 level would signal bullish sentiment and potentially drive the market higher, further consolidation is more likely in the near term. Support levels to watch include 4400 and 4300, coinciding with the 50-Day.
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Source: Daily_Forex - 🏆 567. / 51 Read more »