SPX Revival: 'Buy the Dip' Returns as Market Eyes All-Time Highs

Market Summary 

The week began with a dramatic 75-point gap down to 5940, setting up a textbook Failed Breakdown scenario that professional traders capitalized on. The subsequent recovery evolved into a powerful 130-point rally, with the index precisely reaching the 6066 gap-fill target before pushing higher to 6099+, demonstrating the continued effectiveness of institutional dip-buying.

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The market's behavior showcases a clear divide between retail and professional approaches, with institutions successfully trapping retail shorts near the lows. The recovery from the 5949 level has been methodical, with multiple Failed Breakdowns at 6020 and 6037 providing additional entry opportunities as the index works toward all-time highs.

Technical Levels

• Support: 6066-70, 6020

• Targets:

  • 6099 (reached)

  • 6115

  • 6125-30

Price Action Analysis

1. Week's Movement

   • Initial gap: -75 points to 5940

   • Recovery: +130 points

   • Key level: 6066 gap fill

2. Trading Dynamics

   • Multiple Failed Breakdowns

   • Institutional dip buying

   • Systematic recovery

Looking Ahead

• Monitor 6066-70 support

• Watch for continued momentum

• Track progress toward ATHs

Continue following for potential breakout opportunities and key support levels.