27.06.202217:21 Forex Analysis & Reviews: Trading plan for SPX500 on June 27, 2022

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Technical outlook:

SPX500 rallied through the 3,927 highs in the early hours of the New York trade on Monday before finding resistance and pulling over. The index dropped through the 3,636 lows on June 17, 2020, before bulls were back in control. The index is seen to be trading close to the 3,900-10 levels at this point in writing and is expected to push through 4,092 and up to 4,369 in the next several trading sessions.

SPX500 has been dropping since January 04, 2022, after printing all-time highs at 4,818. The index might have found interim support at around the 3,636 mark and is now pulling back. If the above structure holds well, the potential remains for a rally towards 4,090 at least, which is the Fibonacci 0.382 retracement of the entire drop.

SPX500 has potentially carved a lower degree upswing between 3,636 and 3,927 in the past few trading sessions. The index might continue higher from current levels or might produce a corrective drop towards 3,780 before resuming higher again. Either way, traders might be inclined to hold long positions against 3,600.

Trading plan:

Potential rally through 4,090 and up to 4,370 against 3,600

Good luck!

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