A TECHNICAL UPDATE ON S & P-500 –27.1.2025

 

S & P-500

Open—6121.43--High—6128.04—Low—6088.74—Close—6101.24 on 24.1.2025.

Support:6099.97/6090.27/6044.62/6034.89/6017.31/5984.87/5903.26/5876.84/5853.01/5829.53/5804.48/5774.56/5762.41/5696.51/5674.

Resistance:6128.04/6188.48/6224.28/6301.07/6626.48.

It hit a new all-time high of 6128.04 today ,therefore technically it is on a very strong footing and in the new zone, therefore further rise is very much likely in the coming days, but it is critically poised too and the critical points now are 6099.97---6090.27---6044.62---6034.89---6017.31---5903.26---5889.97( some figures may change). Please note that if it sustain above 6099.97 & 6090.27 on the closing basis then it can keep on making new highs in the coming days and the possible upside target could be 6188----6224---6301 , else it may give a slight weak indication. But if it breaks & sustain below the range of 6044.62----6017.31 on the closing basis then it will trigger correction and will start to slide down further and finally if it breaks & sustain below 5903.026 on the closing basis then it will make the chances of a sustained up-move dim in the year 2025 and finally if it breaks & sustain below 5889.97 on the closing basis then it will get into deep correction mode and it may witness an accelerated fall. It is important to mention here that although the chart setup is very good but it had a vertical rise from 5774.56 to 6128.04 in just 8 days and most importantly it is showing negative divergence on the daily & weekly chart and in the overbought zone on the daily, weekly & monthly chart, therefore it seems that it highly vulnerable for a correction at this juncture, and it may correct provided it falls below the range of 6099.97---6017.31 and sustain on the closing basis. The short, medium & long term trend is up as of now.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic review, which may please be noted.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here are of spot market.

                          Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.