RGTI
Rigetti Computing
-- 17.0800 TSLA
Tesla
-- 431.660 NVDA
NVIDIA
-- 137.010 LAES
SEALSQ Corp
-- 9.080 PLTR
Palantir
-- 79.080 
How high can S&P500 go?
As we approach the last week of November 2024, let’s take a look at the weekly closing price of the $.SPX(.SPX)$ and address this question: How high can the S&P 500 go this round?
First, this projection is based on technical tools—it's not just a random guess pulled out of thin air.
Here, I’m using the Equidistant Channel to predict a potential target for the S&P 500.
What is an Equidistant Channel?
An Equidistant Channel in technical analysis is a charting tool used to identify potential support and resistance levels. It consists of two parallel lines:
– Upper Line: represents resistance.
– Lower Line: represents support.
The channel is drawn by connecting consecutive highs or lows and creating a parallel line on the opposite side. Traders use it to identify trends and predict price movements within the channel. Breakouts above or below the channel may signal a trend reversal or acceleration.
Analysis of the S&P 500 Equidistant Channel
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1. Current Position: The S&P 500 is trading within a well-defined upward equidistant channel on the weekly timeframe. The recent weekly close shows that the price is holding above the previous high of 5,870, indicating strong support at this level.
2. Resistance Zone: The upper boundary of the equidistant channel is projected at 6,300–6,400, marking a potential resistance area for this rally.
3. Support Level: The lower line of the channel and the recent breakout above 5,870 serve as key support levels. If price falls below this, a deeper pullback may bring it closer to mid-channel support around 5,650–5,670.
4. Trend Momentum: The channel reflects a bullish trend, with higher highs and higher lows clearly respecting the boundaries.As long as the price remains within the channel, the uptrend remains intact.
5. Key Observations: Breakout Potential: A clean breakout above the 6,400 zone could signal a stronger bullish push, invalidating the channel's resistance temporarily. Risk of Rejection: Failing to break 6,300–6,400 might lead to a retracement towards the middle or lower channel lines.
6. Conclusion: In the short term, 6,300–6,400 is a reasonable target of this channel, but traders should monitor for signs of rejection at the upper boundary. The support at 5,870 is crucial to maintain the bullish structure. A breakdown here could lead to further downside testing.
How to invest or trade in S&P500?
Daily Leverage Certificates (DLCs):
Exchange traded funds (ETFs)
For more information about DLCs, visit https://dlc.socgen.com/en/education/handbook
Disclaimer:
This document is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. This document has been published for general circulation only.
This advertisement has not been reviewed by the Monetary Authority of Singapore. This post is sponsored by Societe Generale, Singapore Branch. The content of this article does not form part of any offer or invitation to buy or sell any daily leverage certificates (the “DLCs”), and nothing herein should be considered as financial advice or recommendation. The price may rise and fall in value rapidly and holders may lose all of their investment. Any past performance is not indicative of future performance. Investments in DLCs carry significant risks, please see dlc.socgen.com for further information and relevant risks. The DLCs are for specified investment products (SIP) qualified investors only.
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Ultratech : chart technical stuff doesn't matter much it's understanding the assets under this etf and their potential for growth such as apple nvidia tesla Microsoft Google Amazon berkshire hathaway broadcom etc etc these like magic lift spy from any dip or carry it higher. for example nvidia is bound to go up more and more over time it's in too many etfs which all work together to fuel the party. I look at a lot of charts and good at remembering where everything is at is like a big puzzle.