The S&P 500 has reached a pivotal moment, clearly reflected in recent price action across multiple timeframes. Let's break down key levels, indicators, and targets for $SPY.
Daily Chart ($SPY at 597.44): Price action reveals an emerging bearish pattern. Notably, a clear head and shoulders pattern on the 60-minute chart signals potential downside. 
Key Level to Watch (Neckline at 596): A decisive close below this neckline triggers a short-term bearish signal. Immediate downside targets: • ~591 (38.2% Fibonacci retracement) • 588-586 (50% retracement & 200-period hourly MA)
Parabolic SAR (595.40): A daily close below this key indicator would significantly bolster bearish momentum, potentially accelerating selling pressure.
Momentum Indicators Aligning: MACD daily indicator recently experienced a bearish crossover—a critical sign historically preceding sharp declines. Last MACD bearish cross led to a substantial 65-point SPY drop.
However, Short-Term Bulls Still Alive: SPY remains above the crucial 20-day MA (~593). Typically, the first test of 593 will attract buyers, providing potential short-term support.
Momentum Indicators Aligning: MACD daily indicator recently experienced a bearish crossover—a critical sign historically preceding sharp declines. Last MACD bearish cross led to a substantial 65-point SPY drop.
6/ However, Short-Term Bulls Still Alive: SPY remains above the crucial 20-day MA (~593). Typically, the first test of 593 will attract buyers, providing potential short-term support. 7/ Bullish Case (if 593 holds): Closes above this key level keep bullish potential intact.
Immediate upside targets: • 599.10 (initial resistance) • 602.72 (stronger resistance) • 604.93 (ultimate short-term bullish target)
Bearish scenario triggers clearly below 596, with momentum below SAR at 595.40. Bullish scenario remains viable above critical support at 593. Trade carefully & be prepared for volatility ahead. 📷📷 #SPY #StockMarket #Trading #TechnicalAnalysis
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