SPX500 at Resistance: Breakout Potential or Reversal Ahead?

Oct 17

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