The S&P 500 (SPX) is currently at a critical juncture, with various technical indicators suggesting different potential outcomes. Some analysts predict a sharp decline of up to 4.4% in the next few days, while others see a potential relief rally towards the 5420 resistance zone if the index stays above 5350.
The 5330-5350 range is seen as a key confirmation zone, with a break below 5330 potentially signaling a continuation of the downtrend.
The market is also closely watching the 5220 level, as a breakdown below this could put the bull theory aside and lead to a retest of prior ATHs. Overall, the market sentiment is mixed, with some expecting a bearish move and others looking for a bullish continuation.
