"Major Support Tested – Is the SPX Ready to Rally?"

10 Mar

S&P 500 (SPX) Daily Technical Analysis

- Price Action: The index is trading at 5,730.7, currently testing a strong support zone after a sharp decline.
- Trend Analysis: The upward trendline has been broken, signaling a shift in market sentiment. However, price is reacting to a key support area.
- Key Levels:
- Support Zone: 5,670 - 5,730 (critical area for potential reversal)
- 1st Target: 5,947 (previous support turned resistance)
- 2nd Target: 6,099 (major resistance level)
- Outlook: A bullish bounce from the strong support area could drive the price towards 5,947, aligning with the broken trendline. Failure to hold above 5,670 may indicate further downside.

📈 Watch for bullish confirmation at support before entering long positions.


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10 Mar

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