(Educational content only – not investment advice)
Momentum isn’t lost in one candle — it fades slowly, then suddenly. Watch the S&P closely.
Yesterday’s aggressive sell-off in the S&P has traders asking: is the rally running out of steam? Let’s break down the chart step by step:
🔎 Key Levels to Watch
- Resistance: October high at 6,920 – the market failed to push through.
- First Support: Base of the daily Ichimoku cloud at 6,640.
- Critical Level: November low at 6,522 – a close below here would be seen as a strong negative signal.
- Weekly Baseline: 6,432 – next downside target if 6,522 breaks.
- Major Low: February high at 6,147 – deeper support zone.
📉 Why It Matters
- The S&P is struggling at the top of a long-term up channel dating back to 2009.
- Resistance around 7,7400 was expected to provoke failure – and price action is stalling just below.
- Momentum looks weak, making a close above 6,920 a tall order for bulls.
🧠 Educational Takeaway
This setup highlights how multi-timeframe analysis (daily cloud + weekly baseline + long-term channel) can reveal pressure points in a market.
- Support zones show where buyers may step in.
- Resistance zones highlight where rallies often fail.
- Watching key closes (above 6,920 or below 6,522) helps traders gauge momentum shifts.
Momentum isn’t lost in one candle — it fades slowly, then suddenly. Watch the S&P closely.
Yesterday’s aggressive sell-off in the S&P has traders asking: is the rally running out of steam? Let’s break down the chart step by step:
🔎 Key Levels to Watch
- Resistance: October high at 6,920 – the market failed to push through.
- First Support: Base of the daily Ichimoku cloud at 6,640.
- Critical Level: November low at 6,522 – a close below here would be seen as a strong negative signal.
- Weekly Baseline: 6,432 – next downside target if 6,522 breaks.
- Major Low: February high at 6,147 – deeper support zone.
📉 Why It Matters
- The S&P is struggling at the top of a long-term up channel dating back to 2009.
- Resistance around 7,7400 was expected to provoke failure – and price action is stalling just below.
- Momentum looks weak, making a close above 6,920 a tall order for bulls.
🧠 Educational Takeaway
This setup highlights how multi-timeframe analysis (daily cloud + weekly baseline + long-term channel) can reveal pressure points in a market.
- Support zones show where buyers may step in.
- Resistance zones highlight where rallies often fail.
- Watching key closes (above 6,920 or below 6,522) helps traders gauge momentum shifts.
The STA is the oldest technical analysis organisation in the world and to celebrate that fact, we have a free downloadable book on technical analysis here -
technicalanalysts.com
technicalanalysts.com
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
The STA is the oldest technical analysis organisation in the world and to celebrate that fact, we have a free downloadable book on technical analysis here -
technicalanalysts.com
technicalanalysts.com
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.