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  • Writer's pictureLester Davids

S&P 500 Index - Friday, 06 September 2024

Real-Time: 11h14

Ticker: US500


Following false breakout highlighted at the beginning of last week, the index has reflected increased selling pressure, with: (1) an igniting bar, (2) downside follow-through and (3) positive session opens followed by weaker closes. At current levels, the index is trading below it's 8, 21 and 50-day Exponential Moving Averages (EMA), but above the 75-day EMA. Also note that the 8 and 21-day EMA has started to turning lower, reflecting a shift to downside momentum over the short term. Probable and possible support and resistance levels are highlighted on the daily chart below.



 

Previous Post: 05 September

Real-Time: 14h55

Ticker: US500


 

Previous Post (28-Aug)


Real-Time: 12h51

Ticker: US500


  • On Tuesday evening (yesterday), the index was being sold aggressively, with it's biggest 1-day loss year-to-date.

  • The move is in line with my view on Monday (pre-market) which was guided by the Tactical Trading Guide (TTG) and which looked for a false breakout followed by a pullback (see slide below)


At current levels, the price action reading is as follows:



 

Previous Post (28 August)


Real-Time: 21h20 / S/African Time / U.S. Trading Session

Ticker: US500




Lester Davids

Analyst: Unum Capital

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