SPX Coils at Key Level Ahead of Next Major Move

Market Summary The S&P 500 experienced significant volatility this week, starting with a 170-point "elevator down" decline before staging a powerful recovery through Failed Breakdown patterns. After testing the crucial 5997 level, the index rebounded strongly, reaching 6109 before encountering FOMC-driven chop around the key 6066-70 zone.

Sharpen your strategy with newsletters designed to elevate your skills and minimize risks.

Today's FOMC session displayed characteristic trap behavior, with multiple flushes and recoveries around 6066-70, ultimately closing above this pivotal level. The market's ability to defend this zone through high-volatility price action suggests potential energy building for the next directional move.

Key Levels

• Critical Support: 6066-70

• Secondary Support: 6016, 6008

• Recent High: 6109

Price Action

1. Week's Movement

   • Initial drop: -170 points

   • Recovery: Failed Breakdown at 5997

   • FOMC consolidation: 6066-70 zone

2. Technical Triggers

   • Multiple Failed Breakdowns

   • Gap fill to 6109

   • FOMC level defense

Looking Ahead

• Monitor 6066-70 support

• Watch for breakout direction

• Track FOMC follow-through

Following price action for next directional move.