The S&P 500 remains constructive on the broader D1 timeframe, while H1 and H4 show improving short-term bullish momentum after the recent recovery from support.
Price is currently testing an important decision area. The recovery remains valid while the index holds above 7,649.82, but a confirmed bullish continuation still requires price to overcome the resistance zone between 7,673.01 and 7,684.47.
RSI analysis:
Momentum has improved across the observed timeframes. H1 RSI is above 60, H4 RSI is above 50, and D1 RSI has recovered toward the neutral 50 area. This supports the recovery scenario, although RSI alone is not sufficient to confirm a breakout.
Bullish scenario:
A sustained H1/H4 close above 7,673.01 would indicate strengthening bullish pressure. A confirmed breakout and successful retest above 7,684.47 could open the way toward 7,750.63.
If buyers maintain control above 7,750.63, the broader bullish target would be located near 7,821.56.
Bearish scenario:
The immediate bullish structure remains protected while price holds above 7,649.82. A confirmed break below 7,625.32 would weaken the recovery and expose 7,603.09.
A sustained breakdown below 7,603.09 could extend the decline toward 7,578.88. Below that level, 7,515.41 would become the next major support and deeper downside target.
Key levels:
Immediate support / bullish hold level: 7,649.82
Key short-term support: 7,625.32
Bearish pressure confirmation: 7,603.09
First downside target: 7,578.88
Major support / deeper downside target: 7,515.41
Immediate resistance: 7,673.01
Bullish breakout confirmation: 7,684.47
First upside target: 7,750.63
Major bullish target: 7,821.56
Macro outlook:
The upcoming U.S. economic calendar may produce additional volatility. Business-activity data, labor-market indicators, durable-goods orders, consumer sentiment and Federal Reserve commentary could influence expectations for economic growth and future monetary policy.
Moderately weaker data could support equities through expectations of easier monetary policy. However, significantly weak figures could renew concerns about economic growth and corporate earnings.
Conclusion:
The broader structure remains constructive, and short-term momentum is improving. However, price is still below the key breakout zone at 7,673.01–7,684.47.
The preferred approach is to wait for a confirmed candle close and successful retest above 7,684.47 rather than anticipate the breakout. Failure to hold 7,649.82 would weaken the immediate bullish scenario.
This analysis is for educational purposes only and does not constitute financial advice.
Price is currently testing an important decision area. The recovery remains valid while the index holds above 7,649.82, but a confirmed bullish continuation still requires price to overcome the resistance zone between 7,673.01 and 7,684.47.
RSI analysis:
Momentum has improved across the observed timeframes. H1 RSI is above 60, H4 RSI is above 50, and D1 RSI has recovered toward the neutral 50 area. This supports the recovery scenario, although RSI alone is not sufficient to confirm a breakout.
Bullish scenario:
A sustained H1/H4 close above 7,673.01 would indicate strengthening bullish pressure. A confirmed breakout and successful retest above 7,684.47 could open the way toward 7,750.63.
If buyers maintain control above 7,750.63, the broader bullish target would be located near 7,821.56.
Bearish scenario:
The immediate bullish structure remains protected while price holds above 7,649.82. A confirmed break below 7,625.32 would weaken the recovery and expose 7,603.09.
A sustained breakdown below 7,603.09 could extend the decline toward 7,578.88. Below that level, 7,515.41 would become the next major support and deeper downside target.
Key levels:
Immediate support / bullish hold level: 7,649.82
Key short-term support: 7,625.32
Bearish pressure confirmation: 7,603.09
First downside target: 7,578.88
Major support / deeper downside target: 7,515.41
Immediate resistance: 7,673.01
Bullish breakout confirmation: 7,684.47
First upside target: 7,750.63
Major bullish target: 7,821.56
Macro outlook:
The upcoming U.S. economic calendar may produce additional volatility. Business-activity data, labor-market indicators, durable-goods orders, consumer sentiment and Federal Reserve commentary could influence expectations for economic growth and future monetary policy.
Moderately weaker data could support equities through expectations of easier monetary policy. However, significantly weak figures could renew concerns about economic growth and corporate earnings.
Conclusion:
The broader structure remains constructive, and short-term momentum is improving. However, price is still below the key breakout zone at 7,673.01–7,684.47.
The preferred approach is to wait for a confirmed candle close and successful retest above 7,684.47 rather than anticipate the breakout. Failure to hold 7,649.82 would weaken the immediate bullish scenario.
This analysis is for educational purposes only and does not constitute financial advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.