S&P 500 E-mini testing 5,600 in the next few days after strong rally

From Investing.com: 2024-07-08 09:55:00

Last week, the market experienced a strong rally, breaking above the tight trading range and reaching the 5,600 round number. There is potential for a test back down to 5,600 in the next few days following a buy climax late in the rally. With three consecutive bull bars in a strong trend, buyers may step in at lower levels, but a bear bar closing low could trap bulls and lead to a test of the July low. Traders should pay attention to resistance around last Friday’s high, as sideways trading and a potential trading range are expected today. Various stop-entry setups were identified on Friday for swing traders, though not all setups will result in swing trades as traders may exit with profit or small losses. Trading with a smaller risk or in alternative markets could be an option for some traders.



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