The S&P 500 Index is showing signs of bullish reversal after a period of consolidation inside the Ichimoku cloud on the 30-minute chart. Price previously broke down from a descending channel but found support near the 5,960 level and is now challenging the cloud resistance.
Key technical highlights:
Previous ascending and descending channel structures are clearly defined.
Sideways accumulation zone indicates market indecision and potential buildup.
Price is attempting to break above the Ichimoku cloud, which may signal a bullish trend continuation.
A clean breakout and hold above 5,985 could trigger a move toward the 6,020 resistance zone, as projected.
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