SP 500 Forecast Today and Renko Chart Trading
The all-time closing price on the Renko daily chart is currently at 4,692, despite the fact that the all-time high is 4,718. The recent retracement recorded a low near the 4,630 mark, and the S&P 500 was able to bounce back up from that level based on the Renko chart trading patterns and SP 500 forecast today. As of Friday’s close, it was on the verge of crossing the psychological threshold of 4,700. If the bullish momentum continues to build, the 4,700 level should be easily breached, and attention will then turn to the all-time high of 4,718 on the chart.
Because of the magnitude of the previous surge, the stock market is currently retreating from its all-time high, indicating that some investors are taking profits. Despite the recent pullback, the $SPX is very likely to bounce back up and retest the 4,700 level in the near future, according to the most recent forecast. On the downside, the near-term support is near the recent low of 4,630. If the 4,630 region is unable to halt the decline, the $SPX should find plenty of support between 4,572 and 4,536.
Although the $SPX has experienced a recent decline, our outlook for the short term remains unchanged. When the $SPX increases by 4% from its previous close of 4,536, it will be at 4,717. While the $SPX reached a high of 4,718 during the trading session on November 5, it has since fallen back slightly, ending below 4,700. The next goal is 4,762, which represents a 5% increase over the previous goal. However, we had predicted that the $SPX would retrace and consolidate before rising to 4,762 as a result of profit-taking based solely on chart patterns.
- 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.
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
As indicated by the daily Renko chart pattern, the $SPX has been retracing its steps away from the record highs. Following that, the $SPX’s next upward target could be around the 4,717 level, followed by the 4,762 level as the second target. At the moment, the emphasis is on how strong the desire for short-term profit has grown. It is expected that the $SPX will retrace and consolidate for a short period of time as profit-taking pressure builds before resuming its upward trend. Initially, it must overcome the psychological barrier of the 4,700-point mark. Once that hurdle has been cleared, the next objective is the all-time high of 4,718. We can expect more highs if 4,718 is removed from the equation.
Daily Renko Chart
On the 5-minute chart, there are four distinct trading zones that can be distinguished from one another. The first zone is located above the 4,632 area. The $SPX would most likely encounter resistance between the levels of 4,680 and 4,700, which is considered psychologically significant, at least at the outset. The second trading range is between 4,596 and 4,632, and it is defined as follows: Whenever the SPX falls below the 4,632 level, the 4,600 level serves as a first line of technical and psychological protection. The third trading zone is between 4,554 and 4,596. This would only occur in the event of a significant decline. The SPX could fall as low as 4,530 or even lower if everything goes awry.
5-Minute Renko Chart
Renko Chart Trading: More Resources
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- How to Use Renko Charts for Stock Trading?
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- What Is a Renko Chart and How I Use It in Trading
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