SPX/ Critical Price Zones and Bullish trend
The current price action is trading at a bullish level within a sensitive zone, marked between 6,102 and 6,002. For today's projection, the price is expected to initially test the upper boundary of this zone at 6,102. Upon reaching this resistance level, it is anticipated that the price will face rejection, leading to a short-term correction. However, following this retracement, bullish momentum may resume, driving the price upwards again with an aim to break the last resistance level at 6,102.
If this breakout occurs, the market would likely establish a new high level, signaling a continuation of the uptrend. Conversely, for a bearish scenario to unfold, the price would need to decisively break below the 6,002 support level. This would require a 4-hour candle to close below this critical zone, confirming a downward trend. If such a break occurs, it could lead to a significant price drop, potentially targeting the lower support levels.
If this breakout occurs, the market would likely establish a new high level, signaling a continuation of the uptrend. Conversely, for a bearish scenario to unfold, the price would need to decisively break below the 6,002 support level. This would require a 4-hour candle to close below this critical zone, confirming a downward trend. If such a break occurs, it could lead to a significant price drop, potentially targeting the lower support levels.
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