SPx / Bearish Momentum Awaits Retest, Key Levels in Focus
Technical Analysis
The price will likely attempt a retest around 5,755 or 5,781, after which a renewed bearish trend could push it toward 5,675 and 5,643.
Bearish Scenario: Consistent stability below 5,781 may lead to a downward move targeting 5,734. A 1-hour or 4-hour candle close below 5,734 could activate the next bearish zone.
Bullish Scenario: Should the price stabilize above 5,746, some bullish momentum may emerge toward 5,781. However, a reversal with stability above 5,803 would signal potential movement upwards, with targets at 5,824 and 5,850.
Further Bearish Continuation: For a deeper decline, the price should establish stability below 5,715, paving the way for a drop toward 5,675.
Key Levels:
Pivot Point: 5734
Resistance Levels: 5755, 5781, 5803
Support Levels: 5715, 5675, 5643
The price will likely attempt a retest around 5,755 or 5,781, after which a renewed bearish trend could push it toward 5,675 and 5,643.
Bearish Scenario: Consistent stability below 5,781 may lead to a downward move targeting 5,734. A 1-hour or 4-hour candle close below 5,734 could activate the next bearish zone.
Bullish Scenario: Should the price stabilize above 5,746, some bullish momentum may emerge toward 5,781. However, a reversal with stability above 5,803 would signal potential movement upwards, with targets at 5,824 and 5,850.
Further Bearish Continuation: For a deeper decline, the price should establish stability below 5,715, paving the way for a drop toward 5,675.
Key Levels:
Pivot Point: 5734
Resistance Levels: 5755, 5781, 5803
Support Levels: 5715, 5675, 5643
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