The S&P 500 is approaching critical historical resistance levels, just as economic headwinds begin to resurface — particularly the expiration of tariff ceasefire agreements and renewed trade tensions. These overlapping factors could signal an upcoming technical correction.
🔹 From a technical standpoint:
The index is forming a classic multiple-top pattern, typically associated with weakening bullish momentum and potential trend reversals.
However, we remain cautious and will only consider a bearish scenario if the 6200 support level is broken on a daily close.
📉 Proposed Trading Plan:
• Short entry: Only if the daily close is below 6200
• Stop-loss: Daily close above the last top
• Targets in order:
• 5800
• 5500
• 5250
⚠️ Note: Despite the bearish setup, we do not recommend rushing into selling without confirmation of support break.
🔹 From a technical standpoint:
The index is forming a classic multiple-top pattern, typically associated with weakening bullish momentum and potential trend reversals.
However, we remain cautious and will only consider a bearish scenario if the 6200 support level is broken on a daily close.
📉 Proposed Trading Plan:
• Short entry: Only if the daily close is below 6200
• Stop-loss: Daily close above the last top
• Targets in order:
• 5800
• 5500
• 5250
⚠️ Note: Despite the bearish setup, we do not recommend rushing into selling without confirmation of support break.
540academy.com
Check out my Twitter account
twitter.com/Gann540
Check out my Twitter account
twitter.com/Gann540
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
540academy.com
Check out my Twitter account
twitter.com/Gann540
Check out my Twitter account
twitter.com/Gann540
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.