SPX500 Technical Analysis🔹 Trend Overview:
SPX500 has been in a strong downtrend, and the price has already broken the 5,599.30 support level, confirming further bearish momentum. The next key support to watch is 5,506.40 (2025 lowest point).
🔹 Key Levels:
📈 Resistance: 5,599.30 (now turned resistance), 5,679.90
📉 Support: 5,506.40 – If broken, the sell-off could accelerate further.
🔹 Market Structure:
⚠️ Bearish scenario: Since 5,599.30 has already been broken, the price is likely to continue down to 5,506.40. A break below this level could push the market into new 2025 lows.
🚀 Bullish scenario: If the market pulls back above 5,599.30 and reclaims it as support, a temporary bounce to 5,679.90 could occur.
📌 Risk Management:
-Wait for price action confirmation before entering new positions.
-Monitor for potential retests of broken levels.