SPX500: Possible bounce from key support toward 5,980?
SPX500 has reached a significant support zone, highlighted by previous price reactions and strong buying interest. This area has acted as a key demand zone, increasing the likelihood of a bullish bounce if buyers step in.The current market structure suggests that if the price confirms support within this zone, we could see a bullish reversal. A successful rebound could push the price toward 5,980. However, if the price breaks below this zone, the bullish outlook may be invalidated, opening the possibility for further downside.
Just my take on support and resistance zones—not financial advice. Always confirm your setups and trade with solid risk management.
Best of luck!
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Trade closed: target reached
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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.