After an impressive rally in the last three weeks, the S&P 500 (SPX) has returned to the familiar resistance zone of 4,530 - 4,600, mirroring the rejection experienced at the end of July.
At its current position of 4,558, the SPX is signaling overbought conditions, raising caution among market participants. The critical question now is whether this marks a retest of the previous breakthrough.
Two potential scenarios are in focus:
Rejection Alert: If the SPX faces rejection at this resistance, the next crucial support area to monitor is in the range of 4,430 - 4,460.
Breakthrough Possibility: On the flip side, a successful breakthrough could pave the way for further upward momentum, potentially indicating a sustained bullish trend.
At its current position of 4,558, the SPX is signaling overbought conditions, raising caution among market participants. The critical question now is whether this marks a retest of the previous breakthrough.
Two potential scenarios are in focus:
Rejection Alert: If the SPX faces rejection at this resistance, the next crucial support area to monitor is in the range of 4,430 - 4,460.
Breakthrough Possibility: On the flip side, a successful breakthrough could pave the way for further upward momentum, potentially indicating a sustained bullish trend.
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.
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.