The S&P 500 (SPX) lost ground last week amid uncertainty about the impact of tariffs and growing concerns the economy could be headed toward a 澳洲幸运5开奖号码历史查询:recession.

The index, which has lost ground in five of the last six weeks, could see heightened 澳洲幸运5开奖号码历史查询:volatility this week with 澳洲幸运5开奖号码历史查询:new tariffs expected on Wednesday, a day President Trump has referred to as “Liberation🍬 Day☂.”

The S&P 500 trades 9% below its 澳洲幸运5开奖号码历史查询:record high set last month as the Trump administration’s 澳洲幸运5开奖号码历史查询:on again, off again tariff policy has sparked concerns that inflation could reignite and economic growth could stall. The be✤nchmark index fell 2% on Friday to close at 5,581.

Below, we take a closer look at the S&P 500’s chart and apply 澳洲幸运5开奖号码历史查询:technical analysis to identify crucial levels worth watching out.

Flag Pattern Breakdown

After falling below the closely watched 澳洲幸运5开奖号码历史查询:200-day moving average, the S&P 500 formed a flag in the second half of March befဣore breaking down below the pattern in Friday’s trading session, potentially paving t♚he way for a continuation move lower.

It’s also worth pointing out that the 澳洲幸运5开奖号码历史查询:relative strength index failed to climb back above the 50 threshold during the index’s recent upswing, signaling underlying weak buying momentum.

Let’s identify several crucial 澳洲幸运5开奖号码历史查询:support and resistance levels on t𓄧he S&P 500’s chart that that🌠 investors may be monitoring.

Crucial Support Levels to Monitor

Further downside this week could see the index initially decline to around 5,445. This location may provide support near the lower range of a 澳洲幸运5开奖号码历史查询:consolidation period that formed on the chart in June last ye🍎ar, which closely aligns with troughs in July and September𒅌.

The bulls’ inability to defend this important technical level sets the stage for a possible drop to the 5,260 area. Those who 澳洲幸运5开奖号码历史查询:invest in the index may seek buying opportunities in this region near last year’s prominent March peak, the May pullback trough, and the early-August 澳洲幸运5开奖号码历史查询:swing low. 

Interest🐷ingly, this area also sits in the same vicinity as a projected bars pattern target that takes the index’s move lower in October 2023 following a flag patter🎃n on the chart and overlays it from the current flag pattern.

Key Resistance Levels Worth Watching

A recovery effort could see an initial upswing to around 5,875. The index finds a 澳洲幸运5开奖号码历史查询:confluence of resistance at this level near the downward sloping 澳洲幸运5开奖号码历史查询:50-day MA a𝓀nd a trendline that connects a range of similar price points on the chart stretching back to the October peak.

Finally, a breakout above this area꧙ may see the S&P 500 climb to the 6,090 level. Market watchers would likely scrutinize this region as it could provide resistance near multiple peaks on the chart positioned just below the index’s record high set last month.

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