The S&P 500
SPX SPX500USD ES1! 
SPY appears to have completed a rising ending diagonal — a classic reversal structure.The 6050 zone stands out as strong resistance — notably, no monthly candle has ever closed above this level.
🧭 Minimum correction targets:
- filling the weekly FVG
- a retest of the 20-week moving average
- retracement to the 0.382–0.5 Fibonacci zone from the recent leg
📌 Fundamentals support the downside:
- Iran–Israel tensions are pushing oil prices higher → which fuels inflation expectations
- Rising CPI in Japan may accelerate the carry trade unwind and lead to a stronger yen
USDJPY - Seasonality also leans bearish during the summer months
⚠️ Bottom line: momentum is fading. A cooling phase is likely next — time to focus on risk management.
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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.