Update S&P 500, Continuesly in selling pressure

שלשום

This chart represents a technical analysis of the S&P 500 Index (SPX) on the 1-hour timeframe. It illustrates a bearish market structure, with key levels of resistance and support, as well as a projected price movement.

1. Market Structure & Trend Analysis

The price is moving within a well-defined descending channel, characterized by a series of lower highs and lower lows, which indicates a prevailing downtrend.

The price has recently rebounded from the lower boundary of the channel and is approaching a key resistance zone.


2. Key Technical Levels

Resistance Zone (5,816 – 5,829):

Highlighted in red, this zone represents a potential supply area where selling pressure is expected.

A rejection from this level could reinforce the ongoing bearish trend.


Support Zone (5,658 – 5,765):

Marked in gray, this area represents a potential demand zone where buyers may step in.

If price reaches this level, a reversal or further downside continuation could occur.



3. Projected Price Movement

Based on the chart annotations, the expectation is for price to test the resistance zone (5,816 – 5,829), face rejection, and decline toward the support zone (5,658 – 5,765).

The black arrow represents the anticipated downward movement following a rejection at resistance.

The descending channel’s upper trendline further reinforces the likelihood of a bearish reaction.


4. Additional Technical Indicators

The orange line appears to be a dynamic resistance level, possibly a moving average or an indicator tracking trend shifts.

The right-hand labels indicate key price levels, including the recent high (6,100.96), current price (5,766.18), and support levels.


5. Conclusion & Trade Implications

If the price rejects the resistance zone, it could present a short-selling opportunity with a target toward the support zone.

A break above the 5,829 resistance level could invalidate the bearish setup and indicate a potential trend reversal.

Traders should consider additional confirmation signals, such as candlestick patterns or volume dynamics, before executing trades.


This analysis provides a structured approach to assessing price action and potential trade opportunities based on market behavior within a downtrend.

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