SPY/S&P500: in the mid-term resistance zone

Price has approached the upper border of the mid-term resistance zone: 598-612.

Until price closes bellow 612, I am preparing for the start of a correction to mid-term support: 564-540.

If price moves confidently above 612, than next resistance target is at 635 level.

The macro-structure of the uptrend from 2022 lows is well intact until price holds above 540 level and assumes higher targets for 2025 at 635-640-670 levels.

I wish everyone Merry Christmas and successful and profitable 2025!
Thank you for your attention.

Note

: Until price is below today's highs, next support levels are 570-530 levels.

Trade closed: target reached

Last Friday price revered in close proximity to the first important level of support, potentially marking a temporary bottom for the first leg of decline

If Friday’s lows hold: Expecting a bounce to 583–596 (possible ext. 603)

If Friday’s lows break: Next support 559–555

Note

Price is in the macro-support zone where at least a more prolonged bounce is to be expected

Due to abrupt nature of the move we are witnessing this week, the odds are shifting to a major market top (for a bull run since 2009 bottom) being in place. But possibility for a one more macro wave up to 660-700+ levels cannot be full rule out, until price stay above 485 (0.618% ext on wave (1)-(2))

artemfedorov

Делюсь опытом работы на финансовых рынках в личном блоге: t.me/marketartistry

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artemfedorov

Делюсь опытом работы на финансовых рынках в личном блоге: t.me/marketartistry

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