SPX in Consolidation Bearish Outlook Unless Key Resistance BreakTechnical Analysis:
The price currently trades within a liquidity zone between 5,849 and 5,891, showing consolidation. A retest of this liquidity zone is likely, with a potential rejection if the price fails to break above 5,891.
If the price breaks and holds above the 5,891 level, the next target would be the resistance line at around 5,939.
On the downside, a rejection from the liquidity zone could send the price back down towards the support line near 5,825 or even further towards 5,781.
Retest Possibility:
A retest of the liquidity zone between 5,849 and 5,891 is probable. If the price holds below this zone, a bearish move is expected.
Correct Direction:
Bearish: If the price fails to break above 5,891 and the liquidity zone holds as resistance, the price is likely to move towards 5,825 or lower.
Bullish: If the price breaks and closes above 5,891, a bullish continuation towards 5,939 is expected.
The overall bias is bearish unless there is a confirmed breakout above the liquidity zone.
Key Levels:
Pivot Point: 5863
Resistance Levels: 5891, 5915, 5939
Support Levels: 5836, 5807, 5781
Trend Outlook:
Bearish below 5863
Bullish above 5891