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S&P 500
This morning, the futures contract on the U.S. stock index S&P 500 reached a strong support level at 4817 — the peak from 2021 (which will only be reached again after 24 months).
A strong rebound occurred from this support, and the 4953 level has already been tested.
On the daily chart, there is no clear reversal yet, but if the market is indeed going through a crisis, it will make sense to close the gap before continuing to fall (target at 5100). It's also possible that the correction could extend to the 5274 level.
The Marlin oscillator is decelerating its decline and could reverse as early as tomorrow. However, the price needs to hold above 4953 firmly.
On the H4 chart, Marlin is only barely turning upward, but the day is just beginning.
We are waiting for a confirmed close above 4953. If the price fails to withstand pressure and a candle closes below 4817, the decline will likely continue to the next support at 4612. A correction could start from this level, with a target of 5100 to close the gap.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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