As shown on the weekly chart of the S&P 500, the stock market index is on track to record a fourth consecutive week underwater. However, with price action welcoming support around 5,577, a rebound higher could be on the table. This support zone includes local descending support, extended from the high of 5,669, and a channel resistance-turned-support line, taken from the high of 4,119.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.