As we begin the trading week, it's good to take a look at a key financial market index—namely, the S&P 500 index(
SPX500)—because the cryptocurrency market, including Bitcoin(
BTCUSDT), is closely correlated with it—especially when the index moves with strong momentum.
Before diving into technical analysis of the S&P 500, we should note that tensions in the Middle East could reignite between Iran and the U.S., and so far, a second round of negotiations hasn’t been confirmed. If talks fail, traders could fear renewed conflict, which may cause the S&P 500 to drop again.
The S&P 500 hit a new all-time high last week. However, with the start of this week, a Gap($7,134-$$7,101)—likely a breakaway gap—formed, and the index began to fall, failing to break the resistance line.
From an Elliott Wave perspective, wave 5 may have completed above the upper line of the ascending channel, so we may anticipate a short-term correction in the coming hours.
Additionally, this week is heavy with earnings reports, with around 50 S&P 500 companies reporting, including Intel, Boeing, Tesla, and Procter & Gamble.
I expect the S&P 500 could drop at least to $7,026, and if the decline is strong, we might see a break of the ascending channel and further drops.
First Target: $7,026
Second Target: $6,933
Stop Loss(SL): $7,156(Worst)
Points may shift as the market evolves
What’s your view on the S&P 500 index—will it create new all-time highs again, or are we looking at another correction?
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌 S&P 500 Index Analyze (SPX500USD), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
SPX500)—because the cryptocurrency market, including Bitcoin(BTCUSDT), is closely correlated with it—especially when the index moves with strong momentum.Before diving into technical analysis of the S&P 500, we should note that tensions in the Middle East could reignite between Iran and the U.S., and so far, a second round of negotiations hasn’t been confirmed. If talks fail, traders could fear renewed conflict, which may cause the S&P 500 to drop again.
The S&P 500 hit a new all-time high last week. However, with the start of this week, a Gap($7,134-$$7,101)—likely a breakaway gap—formed, and the index began to fall, failing to break the resistance line.
From an Elliott Wave perspective, wave 5 may have completed above the upper line of the ascending channel, so we may anticipate a short-term correction in the coming hours.
Additionally, this week is heavy with earnings reports, with around 50 S&P 500 companies reporting, including Intel, Boeing, Tesla, and Procter & Gamble.
I expect the S&P 500 could drop at least to $7,026, and if the decline is strong, we might see a break of the ascending channel and further drops.
First Target: $7,026
Second Target: $6,933
Stop Loss(SL): $7,156(Worst)
Points may shift as the market evolves
What’s your view on the S&P 500 index—will it create new all-time highs again, or are we looking at another correction?
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌 S&P 500 Index Analyze (SPX500USD), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
Trade active
Trade was activatedNote
Still valid. Our Stop Loss (SL) was $7,156, and the S&P 500 did not hit it—missing it by just $1.Note
The S&P 500, after hitting its all-time high at $7,155.6, made two more attempts to break higher, even touched $7,155.0, but it couldn’t register a new all-time high. It also formed a fake break above the upper line of the symmetrical triangle and is now sharply declining. It seems that in the coming hours, this decline could continue, and one of the most critical levels is the lower line of the ascending channel. If that breaks, we could be looking at a drop down toward $7,030.
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🎁Get a 20% Discount on your trading FEE on BYBIT:
partner.bybit.com/b/PEJMANZWIN
────────────
🎁Welcome than a 50% bonus(Low Spread)
vtm.pro/Y3AV7r
partner.bybit.com/b/PEJMANZWIN
────────────
🎁Welcome than a 50% bonus(Low Spread)
vtm.pro/Y3AV7r
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.