S&P 500 at Critical Resistance – Breakout or Rejection? Resistance Zone (Highlighted in Red) 🛑
The price is currently testing a strong resistance level near 6,040 - 6,100.
Previous attempts to break this zone have failed, making it a key area to watch.
Ascending Triangle Pattern 📈
The price is forming higher lows, indicating bullish momentum.
If a breakout above 6,100 occurs, it could trigger a strong upward move 🚀.
200 EMA Support (Red Line) 📉
The 200-day EMA is at 5,658.98, providing a long-term support level.
If the price pulls back, this could act as a buying opportunity.
Possible Scenarios 🔮
✅ Bullish Breakout: A breakout above 6,100 could send the price toward 6,200+.
❌ Rejection & Pullback: If rejected, a drop to 5,900 or 5,700 (EMA support) is possible.
Conclusion: Bulls need a clear breakout to push higher, while bears might take control if the resistance holds. 📊🚦 Keep an eye on volume and confirmation candles for the next move!
