4 min readWelcome back to today’s technical update on the S&P 500.
We begin with the daily timeframe, where the 5,500 resistance level—aligned with the 0.702 Fibonacci retracement—continues to act as a firm ceiling. Price rejected from this zone and is now trading well below it.
Looking at historical price action to the left, there is a clearly defined support area between 5,120 and 5,190, which is now being tested. This zone has historically acted as a reaction level and is currently a key area of interest.
Adding further significance, we’ve anchored a bullish Fibonacci retracement from the swing low (marked by a wide white up arrow) to the recent high (marked by a wide white down arrow). The 50% retracement level from that move sits right at the midpoint of this support zone, adding strong confluence to the area.
If this zone fails to hold, it would represent a clear technical breakdown, as it combines both horizontal support and a key Fibonacci level. Such a break could suggest a shift in momentum and signal broader weakness in the current structure.
Intraday View – S&P 500 (1H Chart)
Zooming into the 1-hour timeframe, the S&P 500 continues to trade comfortably within the range we marked out at the end of last week. As previously mentioned, we had identified a local short-term RLZ (Reload Zone) in last week’s updates, with the potential for a rejection at that level to send price back toward the range lows.
That scenario has now played out. After rejecting from the RLZ, price dropped down to the range low support area, which coincides with the higher timeframe support zone discussed in the daily analysis. We are currently seeing bullish momentum emerge from this level, which reinforces its significance as a key intraday support zone.
For now, the primary intraday levels we’re watching include:
- Support: The range lows, currently being defended
- Resistance: The range EQ area, which may act as the next level to test from below
As long as price continues to respect these levels, this range could remain the main structure to focus on, both for day traders and short-term swing setups. If the S&P 500 continues to range—similar to last week—these levels may remain relevant for multiple sessions ahead.
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