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Yesterday, the S&P 500 index reached its target support level of 5516, which corresponds to the peak observed on June 20, 2024. This level also aligns with the 23.6% Fibonacci retracement from the growth experienced since October 2022. Additionally, the Marlin oscillator has shown an upward movement.
Even if we assume that the stock market is currently experiencing a crisis, a corrective rebound is still possible due to the lack of panic among investors. There has been buying activity from risk-takers who believe in ongoing growth and view current prices as attractive long-term entry points, as reported by various business media outlets. The nearest target for this correction is 5670. If this resistance level is breached, it would pave the way to 5769, which is the low from January 13. A move above the range of 5881–5910 would confirm the market's intent to establish new all-time highs.
On the H4 chart, a convergence has developed between the price and the Marlin oscillator. The oscillator's signal line is nearing positive territory. Consolidating above 5670, which would also mean breaking above the MACD line, could encourage further growth toward 5769.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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