Market Breadth Data******************************

Friday, August 16, 2024

SPX Weekly Targets

 SPX finished the week on a strong note in all three timeframes:














While the daily Bullish% count is overbought, the weekly and monthly remain at neutral levels:











With each passing day the odds of a daily swing reversal increase. Once that happens, the key level to watch becomes the weekly and monthly Pivot line at 537. As long as SPY doesn't break below that level any downswing should be viewed as a necessary and inevitable correction within a higher timeframe bullish uptrend.

at

Terms of Use

All rights reserved by the author. The material contained herein is original content and is the sole property of the author. Any commercial use or reproduction - either in part or whole - is strictly forbidden without the author's prior consent.

Disclaimer: The information provided here is for educational purposes only and does not constitute trading advice nor an invitation to buy or sell securities. The views are the personal views of the author. Before acting on any of the ideas expressed, the reader should seek professional advice to determine the suitability in view of his or her personal circumstances.