S&P 500 Faces Rejection at Key Resistance?

📉 False Breakout or Consolidation?

S&P 500 hit 6,129 but failed to hold above it, retreating to 6,090 (-0.75%).
This level marks a key resistance zone, with sellers stepping in to cap gains.

🔍 Key Technical Levels:

Resistance:
6,129 → Previous high, acting as a short-term ceiling.
Support:
6,018 (50-day EMA) → First area bulls want to defend.
5,900 → Stronger structural support if momentum weakens.

📊 Momentum Check:

RSI at 54.86 → Neutral, room for both upside and downside.

Price remains above the 50-day EMA, keeping the uptrend intact for now.

🚀 What’s Next?

Bulls need a decisive close above 6,129 to confirm a breakout.

A rejection here could trigger consolidation or a pullback toward the 50-day EMA.
Watching for either a breakout confirmation or a deeper retest of support levels.

-MW