3 min readS&P 500 (SDX):
The S&P 500 has shown sustained upward momentum over the past few weeks, with price action breaking above the descending trend line after successfully holding support in the demand zone below.
A closer look at the technicals reveals that price action perfectly rebounded off the internal demand area just below $5,875. This movement also aligned seamlessly with a pullback below the 50% Fibonacci level. Moving forward, I am curious to see if the bullish momentum can persist and push price action into new all-time highs (ATHs). At the moment, the RSI indicator does not show any signs of the price being “overbought.”
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