S&P500, US GDP grew by 2.3% in Q4

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S&P500, US GDP grew by 2.3% in Q4 US 500 (per 1.0)TRADENATION:US500TradeNationThe U.S. GDP grew by 2.3% annually in Q4, confirming the initial estimate and meeting market expectations. S&P (US500) index pair price action sentiment appears bullish, supported by the longer-term prevailing uptrend. The recent intraday price action appears to be a sideways consolidation after a retest of an all-time high on 19th Feb ‘25. The key trading level is at the 5918 level, the consolidation price range and also the previous resistance is now a newly formed support zone. A corrective pullback from the current levels and a bullish bounce back from the 5918 level could target the upside resistance at 6018 followed by the 6060 and 6106 levels over the longer timeframe. Alternatively, a confirmed loss of the 5918 support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 5866 support level followed by 5827 and 5777. This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.