🔺 Chart Summary – Symmetrical Triangle + Key Levels
chart clearly shows a large symmetrical triangle forming on the SPX 1-hour timeframe:
1. Triangle Structure
Upper trendline (descending): Connecting the lower highs from the recent peak.
Lower trendline (ascending): Connecting higher lows from the last big dip.
Price is currently squeezing toward the apex, meaning volatility may contract before a bigger breakout move.
Resistance Levels
6750–6760 zone: Immediate resistance; price is struggling here.
6830–6860 zone: Major resistance cluster from previous swing highs.
Above that: Trendline resistance will be the next barrier.
Support Levels
6700–6710 zone: Very important short-term support.
6640–6650 zone: Stronger support; matches previous reaction lows.
6580–6600: Deeper support and bottom of the triangle approach.
4. Market Implication
Bullish: Break above the descending trendline + close above 6760 opens path toward 6830–6860.
Bearish: Break below the ascending trendline + close under 6640 opens path toward 6580 and further.
5. Overall View
The index is coiling inside a tightening triangle, meaning a major move is likely soon. Right now, SPX is in neutral-to-slightly-bearish territory until it reclaims the 6750–6760 zone.
chart clearly shows a large symmetrical triangle forming on the SPX 1-hour timeframe:
1. Triangle Structure
Upper trendline (descending): Connecting the lower highs from the recent peak.
Lower trendline (ascending): Connecting higher lows from the last big dip.
Price is currently squeezing toward the apex, meaning volatility may contract before a bigger breakout move.
Resistance Levels
6750–6760 zone: Immediate resistance; price is struggling here.
6830–6860 zone: Major resistance cluster from previous swing highs.
Above that: Trendline resistance will be the next barrier.
Support Levels
6700–6710 zone: Very important short-term support.
6640–6650 zone: Stronger support; matches previous reaction lows.
6580–6600: Deeper support and bottom of the triangle approach.
4. Market Implication
Bullish: Break above the descending trendline + close above 6760 opens path toward 6830–6860.
Bearish: Break below the ascending trendline + close under 6640 opens path toward 6580 and further.
5. Overall View
The index is coiling inside a tightening triangle, meaning a major move is likely soon. Right now, SPX is in neutral-to-slightly-bearish territory until it reclaims the 6750–6760 zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.