SPX
Weekly Technical Breakdown – Week of June 22, 2025
After consolidating in a tight range earlier this month,
SPX
printed a subtle but significant outside day on Friday — breaking Thursday’s high by just 0.01 and forming a broadening formation. Like
QQQ
, this pattern reflects indecision and a potential shift in structure as bulls and bears battle for control. The short-term range is wide, with support at 5963.21 and resistance near 6026.68. Holding above 5963 can keep buyers in and opens the door for a retest of the psychological 6000 level, followed by 6059.40 (all-time high). However, a close back below 5963.21 could open the path for a quick flush toward 5900. Key intraday levels to watch include 5929, 5940.03, 5954.06, 5974.86, 5989.43, 6002.32, 6012.94, 6026.68, 6044.56, and 6059.21.
Technical Summary
• Structure: Outside day Friday formed a broadening formation
• Event Note: Slight break of Thursday’s high by 0.01 confirms outside bar structure
• Daytrade Pivots: 5929, 5940.03, 5954.06, 5974.86, 5989.43, 6002.32, 6012.94, 6026.68
• Macro View: SPX improves technically above 6000; breakout confirmed over 6026.68
• Downside Risk: Failure to close above 5963.21 could trigger fast move toward 5900
• Momentum Bias: Neutral to bearish until 6000+ is reclaimed and defended
Key Levels to Watch
🟢 Upside Resistance: 5974.86, 5989.43, 6002.32, 6012.94, 6026.68, 6044.56, 6059.21, 6059.40 (ATH)
🔴 Downside Support: 5963.21 (must hold), 5954.06, 5940.03, 5929
Trade Plan
• Hold above 5963.21 keeps upside scenario intact — look for reclaim of 5974.86 and 6000+
• Close below 5963.21 flips structure and may accelerate toward 5929, possibly 5900
• Scalps remain viable near 5954–6002 using intraday reactions at key levels
Decision Map
🟩 IF SPX HOLDS ABOVE 5963.21 → reclaim 5974.86 → target 5989.43 → 6002.32 → breakout toward 6026.68 → 6059.40 (ATH)
🟥 IF SPX BREAKS BELOW 5963.21 → watch 5954.06 → 5940.03 → 5929 → 5900 possible flush
Primary Trade Zone: 5954–6002
Alert Levels
Set alerts above: 5974.86, 6002.32, 6026.68
Set alerts below: 5963.21, 5940.03, 5929
This Week’s Key Catalysts for
SPX
This week’s economic calendar is packed with market-moving data that will likely influence
SPX
and broader risk appetite.
• Tuesday, June 24: Fed Chair Powell testifies to the House Financial Services Committee. His tone and guidance on future policy will be a primary driver for market direction. The same day also includes Consumer Confidence (June) and Fed commentary from Cleveland Fed President Beth Hammack — both potentially impactful.
• Thursday, June 26: Heavy data day with initial jobless claims, durable goods orders (May), core goods data, and the second revision of Q1 GDP. These reports will offer insight into both the labor market and the broader health of the U.S. economy.
• Friday, June 27: The most important inflation data of the week arrives with the PCE index and Core PCE (May). These are the Fed’s preferred inflation gauges and could shape expectations for a rate cut later this summer.
Overall, market participants will be closely watching Powell’s tone, inflation data, and any sign of slowing growth. Combined with Friday’s outside day and broadening structure,
SPX
is positioned for a move — the catalyst will determine the direction.
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.