S&P 500 Index: Bullish Trend Faces Potential Reversal

S&P 500 Index Technical Analysis

The S&P 500 (SPX) has continued its bullish trend as anticipated, successfully reaching the projected targets. However, it now appears poised for a potential decline.

• Intraday Analysis:
  Today, the price may stabilize within the bearish zone, remaining below 5423 and potentially moving towards 5372.
  
  
• Bullish Scenario:
  For a new bullish trend to be initiated, the price must close a 4-hour candle above 5423, targeting 5440. Stability above 5450 would then be required to confirm the bullish trend.
  
  
• Bearish Scenario:
  As long as the price trades below 5423, it is likely to drop towards 5372 and 5346, particularly if a 1-hour candle closes below 5414.
  
  
• Key Levels:- Pivot Line: 5423
  - Resistance Levels: 5450, 5484, 5520
  - Support Levels: 5372, 5347, 5320
• Today's Expected Trading Range:
  The anticipated movement range for today is between the resistance at 5450 and the support at 5346.
  
  In summary, maintaining a position above 5450 supports a bullish outlook, aiming for higher resistance levels. Conversely, trading below 5423 indicates a bearish trend, with potential support targets at 5372 and below.