SPX500 at Resistance: Breakout Potential or Reversal Ahead?
S&P500 INDEX
- The price is in a consolidation zone near the resistance level of 5,891.1. If it breaks above this zone, the next resistance target is around 5,950.
- If it fails to break through the resistance, a pullback is likely, targeting the support area around 5,863 and potentially dropping further towards 5,781 if bearish momentum continues.
Best Direction: - Bullish: If the price breaks and holds above 5,891.1, this would indicate further upward potential.
- Bearish: If the price fails to break above 5,891.1 and reverses, a short-term downward move toward the support levels is anticipated.
Key Levels:
Pivot Point: 5891 - 5863
Resistance Levels: 5891, 5915, 5939
Support Levels: 5836, 5807, 5759
Trend Outlook:
Bearish below 5863
Bullish above 5891
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