The S&P 500 has hit the 6000 level, right in line with the scenario we discussed earlier. This critical support, reinforced by the 200-period moving average on the hourly chart, is proving to be a key battleground.
If you’ve been following our previous idea, you’ll remember we anticipated this pullback to 6000, calling it a likely turning point for the index forming a head and shoulders pattern And here we are, watching the prediction unfold. A bounce here could break the head and shoulders.
Now, the big question is whether 6000 will hold. If it does, we could see a rebound toward 6100 or beyond. If it breaks, 5900 or 5800 could be the next stops. Either way, this moment underscores how crucial strong analysis is for navigating markets like this one. Fed announcements may play a role in rhe direction we go. Let's see how it plays out.
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