3 min readS&P 500 (SDX):
Upward momentum in the S&P 500 has been strongly sustained over the past few weeks. As we approach earnings season, I’ll be watching this index closely to see how it responds around key internal ascending trendlines. If these major structural points are broken, we’ll need to reassess our forecasts and monitor the next price levels carefully.
A closer look at the technicals shows that even within these smaller intraday moves, price is closely following technical indicators. As seen below, price has moved into a former resistance area, which is now acting as support and aligns precisely with the 50% Fibonacci retracement level. This alignment provides a straightforward way to identify “pullbacks” when price enters new discovery zones.
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