3 min readS&P 500 (SDX):
The S&P 500 has experienced a slight pullback over the past few days, with prices retreating below the $5,900 mark. The index has also moved back toward the internal ascending trend line highlighted in the chart below, which may now serve as a key area to watch for potential support.
Examining the latest price action that propelled the market into a new all-time high and price discovery, it’s evident that we have retraced back to the 50% level of the Fibonacci tool. Moving forward, I will closely monitor the price action to determine whether support can be maintained above this level or if the structure will fail, signalling a potential move lower.
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