S&P 500 Forex Signal Today 27/6: Higher Levels (Chart)
Date
6/27/2024 4:34:28 AM
(MENAFN- Daily Forex) Potential signal:
The S&P 500 is still very bullish, and I think the 5450 level remains supported. I'd be a buyer in this general vicinity, with a stop loss near 5430. I do think that we will eventually go looking to the 5500 level. Even if this trade does not work out, I'll just be a buyer at lower levels.
The S&P 500 rallied to kick off the trading session on Wednesday but has since turned back around. Having said that, the market certainly has a lot of support just underneath it and it does make a certain amount of sense that the buyers would come in and try to pick this market up. The 5450 level is an area that people more or less are looking at as a short-term support level. After all, this is a market that has been in an uptrend for quite some time, so you need to be aware of the fact that even if we do fall from here, it's probably not a major correction in the making.
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Volatility
Volatility of course is a feature of the market, but it does look like we are trying to settle down a little bit during the middle of the session, as the open was nothing short of hectic. It's all about panicking every 15 minutes now, although the S&P 500 seems to be somewhat insulated from this. That being said, a lot of the other markets that I follow were viciously sold off, only to sit still later in the day.
What this tells me is that there is probably somewhat of a lack of liquidity in the market, and that the market is not going to be behaving with any real conviction. That being said, the market is likely to continue to see a lot of volatility, but I think at the end of the day, the reality is that the buyers come in and pick up the S&P 500 every time it pulls back. After all, it's only a handful of stocks that everybody cares about, and more likely than not, they will continue to focus on what the Federal Reserve is saying and doing rather than the actual economy. After all, we have completely decoupled from the economy when it comes to the stock market over the last 14 years.
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