Market View
SPX remains in a broader bullish structure on the 4H chart, although recent price action has shifted into a consolidation phase after reaching fresh highs.
Following the strong rally from April through June, upside momentum has slowed. Price is now trading near the lower boundary of the recent range, suggesting buyers are becoming more cautious while sellers attempt to gain short-term control.
As long as key support remains intact, the broader uptrend still favors buyers.
Key Resistance
First resistance: 7,480–7,520
This is the nearest resistance where recent rallies have repeatedly stalled.
Second resistance: 7,560–7,600
A breakout above this zone would strengthen bullish momentum.
Major resistance: 7,650–7,700
A sustained move above this area would confirm a continuation of the broader uptrend.
Key Support
First support: 7,380–7,410
Price is currently trading around this support zone. Holding above it could encourage renewed buying.
Second support: 7,280–7,320
If sellers gain control, this becomes the next downside objective.
Major support: 7,180–7,220
A break below this region would signal a deeper corrective phase.
Market Sentiment
Market sentiment remains cautiously bullish.
Although buying momentum has cooled after the recent rally, the broader trend continues to favor the upside. Unless key support breaks, pullbacks may still be viewed as corrective rather than trend-changing.
Please share your view below:
Will SPX defend support and resume its uptrend? Or will sellers trigger a deeper correction below the current range?
More market structure and key level updates will be shared on a regular basis.
SPX remains in a broader bullish structure on the 4H chart, although recent price action has shifted into a consolidation phase after reaching fresh highs.
Following the strong rally from April through June, upside momentum has slowed. Price is now trading near the lower boundary of the recent range, suggesting buyers are becoming more cautious while sellers attempt to gain short-term control.
As long as key support remains intact, the broader uptrend still favors buyers.
Key Resistance
First resistance: 7,480–7,520
This is the nearest resistance where recent rallies have repeatedly stalled.
Second resistance: 7,560–7,600
A breakout above this zone would strengthen bullish momentum.
Major resistance: 7,650–7,700
A sustained move above this area would confirm a continuation of the broader uptrend.
Key Support
First support: 7,380–7,410
Price is currently trading around this support zone. Holding above it could encourage renewed buying.
Second support: 7,280–7,320
If sellers gain control, this becomes the next downside objective.
Major support: 7,180–7,220
A break below this region would signal a deeper corrective phase.
Market Sentiment
Market sentiment remains cautiously bullish.
Although buying momentum has cooled after the recent rally, the broader trend continues to favor the upside. Unless key support breaks, pullbacks may still be viewed as corrective rather than trend-changing.
Please share your view below:
Will SPX defend support and resume its uptrend? Or will sellers trigger a deeper correction below the current range?
More market structure and key level updates will be shared on a regular basis.
Related publications
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.
Related publications
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.