SP500 pulled back by 100 points before heading towards 4500.

5 พ.ย. 2023

On Friday, we witnessed a strong growth in the SP500 index, further bolstering its performance, with an increase of 0.94%. The day started with strength, opening 4,334.2 points above the previous session's highs, and quotations strengthened throughout the entire session. In fact, it has been an impressive week for the SP500, with the index rising by over 200 points (5%). More importantly, it has returned to a significant zone that has acted as both support and resistance in the past two years. From a technical perspective, touching this resistance could lead to a correction, and this drop could provide a good buying opportunity. I expect a price return to the level of 4290, which is a retest of the trendline, as the price is currently in an order block, a very important area where sellers will try to push the price down. Once the price reaches the 4290 area, it could potentially rise towards 4500, or the 0.705 Fibonacci level. Let me know what you think. Greetings from Nicola, the CEO of Forex48 Trading Academy.