empty
16.03.2025 11:25 PM
SPX – Weekly Results and Future Prospects

This image is no longer relevant

Last week, the bears continued to decline but failed to close below the tested support level of the monthly short-term trend at 5618.25, only leaving a long lower shadow beyond it. A break below this level would lead to a retest of the weekly Ichimoku cross, which ranges from 5749.63, 5825.54 to 5901.45. If a breakdown occurs, it would signify the continuation of the monthly downward correction towards the next support level at 5254.34, which is now reinforced by the weekly Ichimoku cloud, ranging from 5396.85 to 4936.71.

This image is no longer relevant

In the daily timeframe, it is evident that after initially dropping below the monthly support level of 5618.25 at the beginning of the week, the SPX has been attempting to recover and consolidate above this lost level for the remainder of the week. If the bulls continue to regain their positions, a full upward correction towards the daily short-term trend at 5681.91 will first need to take place. Conversely, if bearish activity returns to the market, the bears must update the minimum extremum at 5503.88 to unveil new prospects.

This image is no longer relevant

The current weekly long-term trend is at 5618.94 and is being tested on the lower timeframes. Holding above this level provides a significant advantage. If the trend breaks and moves upward, it could strengthen bullish sentiment. Conversely, if there is a retracement and the price moves below the trend, it may indicate a continuation of the downward movement.

Additionally, the supports and resistances indicated by the classic Pivot levels serve as important reference points throughout the day. These levels are updated daily, and new relevant data will become available when the market opens.

***

Technical Analysis Components:
  • Higher Timeframes: Ichimoku Kinko Hyo (9.26.52) and Fibonacci Kijun levels
  • H1: Classic Pivot Points and 120-period Moving Average (weekly long-term trend)
Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD – May 28th: How Will the FOMC Minutes Influence the Market?

On the hourly chart, the GBP/USD pair continued its decline on Tuesday and consolidated below the 161.8% Fibonacci retracement level at 1.3520. This means that the downtrend could continue today

Samir Klishi 09:54 2025-05-28 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 28, 2025.

With the appearance of Convergence between the movement of the AUD/JPY currency pair against the Stochastic Oscillator indicator and also confirmed by its price movement which is moving above

Arief Makmur 08:39 2025-05-28 UTC+2

EUR/USD Forecast for May 28, 2025

On Tuesday, the euro underwent a technical correction from the resistance level 1.1420. On the same day, gold declined by 1.14%, WTI crude oil by 0.44%, and government bond yields

Laurie Bailey 05:08 2025-05-28 UTC+2

GBP/USD Forecast for May 28, 2025

On Tuesday, the British pound hesitated to enter the narrow wedge between the price channel line and the target level 1.3635. In the context of a 0.42% strengthening

Laurie Bailey 05:08 2025-05-28 UTC+2

USD/JPY Forecast for May 28, 2025

Yesterday, the USD/JPY pair posted solid growth—0.90% or 149 pips—on the back of a 0.42% strengthening of the U.S. dollar index. As a result, the price is now trading above

Laurie Bailey 05:08 2025-05-28 UTC+2

EUR/JPY. Current Market Situation and Forecast

Today, the EUR/JPY pair is attracting buyers after declining during the Asian session to the key 162.00 level. From a technical standpoint, oscillators on both the hourly and daily charts

Irina Yanina 19:28 2025-05-27 UTC+2

Trading Signals for GOLD (XAU/USD) for May 27-29, 2025: buy above $3,281 (6/8 Murray - 21 SMA)

On the other hand, if gold maintains bullish momentum, the price could break above resistance at 3,330, and then we could expect a new bullish sequence, potentially reaching 3,437

Dimitrios Zappas 18:33 2025-05-27 UTC+2

Trading Signals for EUR/USD for May 27-29: sell below 1.1350 (21 SMA - 7/8 Murray)

If the euro breaks the uptrend channel, we could expect a drop towards the 200 EMA located at 1.1230 and could even reach the gap it left

Dimitrios Zappas 18:31 2025-05-27 UTC+2

Forecast for EUR/USD on May 27, 2025

On Monday, the EUR/USD pair returned to the support zone of 1.1374–1.1380. A rebound from this zone would once again work in favor of the euro and a resumption

Samir Klishi 11:47 2025-05-27 UTC+2

Forecast for GBP/USD on May 27, 2025

On the hourly chart, the GBP/USD pair continued to rise on Monday from the 161.8% Fibonacci retracement level at 1.3520. However, in the middle of the day, news broke that

Samir Klishi 11:44 2025-05-27 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.