SP 500 Forecast Today and Renko Chart Trading
The all-time closing price on the Renko daily chart is now at 4,704, despite the fact that the all-time high was still at 4,718. After bouncing back up from the 4,630 level, the $SPX surged nearly 90 points higher. According to the trading patterns on the Renko chart and the SP 500 forecast today, the psychological threshold of 4,700 continues to act as a significant roadblock in the advancement of the $SPX. If the bullish momentum continues to build, the 4,700 level should be easily breached, and attention will then be drawn to the all-time high of 4,718 on the chart, which represents the previous high. A failure to maintain bullish momentum could result in the $SPX retesting the 4,630 level of support.
The stock market index, $SPX, spent the week hovering around the 4,700 mark. It was unable to break through the previous record high of 4,718. This week, the stock traded within a narrow range. There is still a strong likelihood that the $SPX will rally in the near future and retest the 4,718 level. Short-term support is found near the recent low of 4,630, which is a key area of support. Even if the $SPX cannot halt its decline at 4,630, it should find plenty of support between 4,572 and 4,536.
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- The traditional 6-point brick size is used in the Renko chart.
- On the upside, the 4,700 region serves as an immediate psychological resistance level.
- On the downside, 4,630 is the first level of support, followed by 4,572, and subsequently 4,536.
SP 500 Forecast Today
The calculation is carried out using a variety of algorithms. In addition to historical S&P 500 values over the previous five years, this forecast takes into consideration other variables such as stock market indices and economic data.
According to the forecast model shown below, there is still room for the $SPX to continue its upward trend. However, it appears that the amount of room available for upward movement is limited and is beginning to plateau. It illustrated an upward movement that was followed by a retracement. The exact date and time of the retracement are not known at this time. We are unable to predict when the retracement will occur or how severe the ramifications will be. The fact remains that it is indicating that investors should proceed with caution. While taking pleasure in the bullish run and the significant gain, it would be prudent to be cautious about losing any of the profits you’ve already made.
Month Forecast Nov-21 4,775 Dec-21 4,838 Jan-22 4,812 Feb-22 4,762 Mar-22 4,677 Apr-22 4,892 May-22 4,851 Jun-22 4,896 Jul-22 4,987 Aug-22 5,116 Sep-22 4,912 Oct-22 5,080
SP 500 Forecast Today Chart
Daily Renko Chart Trading
According to the daily Renko chart pattern, the $SPX has been closing in on the all-time high for quite some time. The $SPX’s next upward target is around the 4,718 level, followed by the 4,762 level. At the moment, the focus is on how strong the bullish momentum in the market continues to be. $SPX is up 27% year to date, NASDAQ is up 29%, and the DJIA is up 16%. These are significant gains during these unprecedented times. For starters, the $SPX must break through the psychological barrier of the 4,700-point level. Once that obstacle has been overcome, the next goal is to reach the all-time high of 4,718. With 4,718 removed from the equation, we can expect even more highs.
Daily Renko Chart
On the 5-minute chart, there are three distinct trading zones that can be distinguished from one another. The first zone is located between 4,680 and 4716. For quite some time, the $SPX has been oscillating between these two levels. It has already been stated that the $SPX would most likely encounter resistance between the levels of 4,680 and 4,700. This resistance is considered psychologically significant and will be tested at the outset. 4,680 and 4,632 are the trading ranges for the second trading range. If the resistance level of 4,700 cannot be broken immediately, the $SPX will most likely retreat and retest the support strength of around 4,632.
The third trading zone is located below the level of 4,632. This would only occur in the event of a significant decline in the stock market. If everything goes wrong, the S & P 500 could fall as low as 4,530 or even lower.