The S&P 500 is showing clear signs of technical weakness as it breaks below a key support level around 5,675, coinciding with the 200-day EMA. This breakdown follows a rejection at 6,130, a recent high that established a resistance zone.
With the index now trading below the 50-day EMA, downside risks are increasing. If the 5,668 level fails to hold, further declines toward the next major support zone could materialize. Traders will be watching for a potential retest of broken support as resistance before determining the next move.
Key Levels to Watch:
📉 Support: 5,668
📈 Resistance: 6,130
-MW
With the index now trading below the 50-day EMA, downside risks are increasing. If the 5,668 level fails to hold, further declines toward the next major support zone could materialize. Traders will be watching for a potential retest of broken support as resistance before determining the next move.
Key Levels to Watch:
📉 Support: 5,668
📈 Resistance: 6,130
-MW
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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.