3 min readWelcome back to another daily technical update on the S&P 500.
With no major developments on the higher timeframes, today’s focus remains on the intraday structure, where we’ve seen some meaningful shifts. Earlier this week, price broke below the previously established range low at 5,300, triggering a re-evaluation of current levels.
We’ve now adjusted the range based on recent price action, with 5,300 now acting as range EQ, and the range low aligning with the neckline of the prior double bottom pattern. This level also lines up with a key break-and-retest from last Thursday, adding further significance.
At the time of writing, we’re observing a potential reclaim of the 5,300 area. If price can sustain above this zone, it may be viewed as a sign of short-term bullish momentum, with 5,450 to 5,500 as the next zone of interest on the upside.
However, if 5,300 fails to hold and instead acts as resistance, this could signal a support-to-resistance flip, possibly opening the door for a move toward 5,150.
These levels offer clear structure for intraday decision-making as we continue to track how the market responds to this range reclaim attempt.
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