SPX S&P500 Analysis Update 6/19/2024: Potential Reach to 5600 with Caution

In this update on June 19th, 2024, I discuss the SPX S&P500's revised target of potentially reaching 5600, though a retracement to 5300-5350 is likely beforehand. The risk/reward ratio for entering long SP500 positions without hedging with SQQQ, UVIX, VXX, UVXY, or VIX-based ETNs is currently unfavorable. Failure to sustain above 5400 by month-end could lead to a significant decline towards 4800-5000. I remain cautious and await another monthly candle close above 5400 for a confident continuation of the upward trend. At 5600, I hold a very bearish outlook on the SP500.

Disclaimer: This content is for educational purposes only and should not be construed as financial advice. Always conduct your own research before making any investment decisions.

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