SPX500 just tapped into a critical supply zone near 5985 and has started pulling back. Is this the beginning of a deeper correction? Here’s what I’m watching 👇
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📊 Key Technical Zones:
🔵 Supply Zone: 5985 – 6000 (Strong historical rejection zone)
⚠️ First Support: 5436.1 – potential bounce area, but already tested
🧱 Major Demand Zone: 4990 – heavy volume base, ideal buy zone for bulls
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🚨 Bearish Clues on the Chart:
Price got rejected at the top of the supply range with a strong wick.
Bearish divergence on recent highs (not shown here but evident on RSI/MACD).
Clean downside structure could target 5436, then 4990 if broken.
📉 Downside Projections:
First TP: 5436
Final TP: 4990 (big institutional interest)
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🔁 Possible Scenarios:
1. 🔻 Bearish Continuation: If we break below recent support near 5880, expect speed towards 5436.
2. 🟢 Bullish Fakeout: Only a strong breakout above 5985 invalidates this setup.
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🎯 Trade Idea (Educational):
Entry: Break and retest below 5880
SL: Above 5985 zone
TP1: 5436
TP2: 4990
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📅 June Will Be Volatile – Stay prepared.
💬 Do you think this is the start of a correction or just a dip before ATH?
🔔 Follow FrankFx14 for clean and professional chart updates! 👍 Like, 🔁 share, and 💭 comment your thoughts below!
---
📊 Key Technical Zones:
🔵 Supply Zone: 5985 – 6000 (Strong historical rejection zone)
⚠️ First Support: 5436.1 – potential bounce area, but already tested
🧱 Major Demand Zone: 4990 – heavy volume base, ideal buy zone for bulls
---
🚨 Bearish Clues on the Chart:
Price got rejected at the top of the supply range with a strong wick.
Bearish divergence on recent highs (not shown here but evident on RSI/MACD).
Clean downside structure could target 5436, then 4990 if broken.
📉 Downside Projections:
First TP: 5436
Final TP: 4990 (big institutional interest)
---
🔁 Possible Scenarios:
1. 🔻 Bearish Continuation: If we break below recent support near 5880, expect speed towards 5436.
2. 🟢 Bullish Fakeout: Only a strong breakout above 5985 invalidates this setup.
---
🎯 Trade Idea (Educational):
Entry: Break and retest below 5880
SL: Above 5985 zone
TP1: 5436
TP2: 4990
---
📅 June Will Be Volatile – Stay prepared.
💬 Do you think this is the start of a correction or just a dip before ATH?
🔔 Follow FrankFx14 for clean and professional chart updates! 👍 Like, 🔁 share, and 💭 comment your thoughts below!
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✅ AUTOMATED BOT: bot.frankfxx.com/
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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.