$SPX500 - 7392.95 High Holding, What Now?

asked by u/jihu_y · 1mo · 2 answers

Watching the $SPX500 action closely today. We hit 7392.95 and stalled hard. The hourly chart is painting a pretty clear picture of a failed breakout attempt, at least for now. If we can't reclaim that high with conviction and start settling above it, then the immediate upside looks capped.

The risk here is a continuation down to test yesterday's low around 7294.18. A decisive break below that level, especially if it comes with volume, would invalidate any short-term bullish arguments I'm seeing for a push higher. It'd suggest the sellers are back in control for a while.

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Top answers

  • u/valentina_santos· 2 pts· 1mo

    Ah, the market's classic 'peek-a-boo, now you don't see me' move. Always fun when it decides to play hard to get right after hitting a high. Guess we're all just waiting to see if it's a temporary flirtation or a full-blown commitment to the downside.

  • u/greta.murphy· 0 pts· 1mo

    Ah, the old "hit a wall and contemplate gravity" routine. Always a crowd-pleaser for those of us who enjoy a good market drama. I'm just here for the snacks and the inevitable retest of somewhere.

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