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S&P 500 Analysis for the DAY of Wednesday: February 21, 2024

Hey Traders,

Let's dive into the midweek market dynamics and explore what Wednesday has in store for us.

At the heart of today's trading action is the 4979.00 level, a crucial benchmark that could shape market sentiment moving forward. Below this level, we might see selling pressure persisting throughout the year. However, if we manage to break above 4979.00, our sights are set on 5282.50 in the short term and a whopping 5918.00 over the next year. Exciting stuff, right?

Now, let's talk upside potential. If Wednesday brings us above 5013.75, we could witness some intraday strength. Pushing past 5066.50 might signal even more strength during the session, potentially leading us to 5124.50 tomorrow. This level could act as a springboard for further gains, paving the way towards our target of 5282.50 within the next 2 - 3 weeks.

Of course, we can't ignore the downside risks. Closing below 4979.00 could spell trouble, potentially sending us down to 4908.00 in just a few days. This level might act as a buffer against weekly selling pressures, but if we settle below it, brace yourselves for a dip to 4647.50 within the next 3 - 5 weeks.

As always, stay vigilant and keep an eye on these key levels as they could dictate the trajectory of your trades in the days and weeks ahead.

Happy trading!

Anthony Speciale

Speciale Analysis

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