SPX: Bullish Momentum Targets 6,000 with Key Retest at 5989

SPX: S&P 500 Futures Eye Further Gains as Index Targets 6,000 Milestone

The S&P 500 index surged to a new record high on Friday, with futures indicating more potential gains at the New York open. Investor sentiment remains buoyed by the election results, with the "Trump effect" continuing to fuel demand for risk assets.

Technical Analysis

The price has increased by approximately 5.00% over the last week. Today, a retest toward 5989 is expected, followed by a continuation of the bullish trend, aiming to break the all-time high (ATH) at 6019 and reach 6045 and 6068.

Alternatively, if a 4-hour candle closes below 5989, it could signal a bearish trend, targeting 5970 and 5931.

Key Levels:
Pivot Point: 6019
Resistance Levels: 6045, 6068
Support Levels: 5989, 5970, 5931

Trend Outlook:
Bearish Correction toward 5989
Bullish Trend toward 6045

previous idea: