3 min readOn the daily time frame, the S&P 500 has not only broken well above the high time frame resistance zone between 5,500 and 5,600, as marked in previous updates, but has also confirmed a break-and-retest of the 0.618 Fibonacci level.
The next level to watch throughout the day is the local high at 5,690. If price can move past this area, it could open the path toward the next resistance zone around 5,790. This level holds particular significance. A move above 5,790 would re-establish the S&P 500 as a market in a confirmed high time frame bullish structure.
On the 4-hour time frame, the range highs become clearer. The area between 5,690 and 5,700 forms a critical zone. A breakout above this range could lead to further bullish momentum toward the 5,790 resistance area.
The S&P 500 remains in a clearly defined range with important levels to monitor throughout today’s session and into the remainder of the week.
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