3 min readS&P 500 (SDX):
Following Friday’s release of the NFP data, the S&P 500 has continued to decline. The price has fallen back below $6,000 and is now hovering just above $5,800.
A closer analysis of the technicals reveals an internal ascending trend line that aligns with price rebalancing on the higher timeframe at the 50% level on the Fibonacci tool. This also coincides with the demand zone identified between $5,600 and $5,100. I will be watching closely to see how price trades out of these areas if we continue to trade lower.
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