SPX500 Holds Key Support – Bullish Bounce or More Downside?

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📉 S&P 500 (SPX500) Analysis – February 28, 2025 📉

The S&P 500 has dropped -2.8% to 5,856, as expected, after rejecting the 6,010 pivot zone.

📌 Today's Outlook:
Bullish Scenario: S&P 500 is showing bullish momentum after stabilizing above the pivot zone (5,879 - 5,856), which acts as a key daily support area. As long as the price trades above this zone, it is likely to push up toward 5,898 and 5,920, with consolidation expected between 5,879 – 5,920.
Bearish Scenario: A 4H candle close below 5,856 would confirm a bearish shift, targeting 5,826 and potentially 5,792 as the next downside levels.

📊 Key Levels to Watch:
🔸 Resistance: 5,898 | 5,920 | 5,960
🔹 Pivot: 5,880
🔻 Support: 5,856 | 5,792 | 5,765

🚀 Will SPX500 hold above support, or is another drop coming? Share your thoughts! 👇🔥

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S&P 500 Update – Market Reaction and Next Steps

As expected, the market pushed up by approximately 1.7%, following our previous analysis.

Currently, we anticipate a short-term pullback to fill the gap and correct the price toward 5,938 before resuming the bullish trend toward 5,979. A 4-hour candle close above 5,979 would confirm continued bullish momentum toward 6,010.

On the other hand, for the bearish scenario to materialize, the price needs to stabilize below 5,920, which would open the door for a decline toward 5,879.

Key Levels:
🔹 Resistance: 6,010, 6,031
🔹 Pivot: 5,979
🔹 Support: 5,938, 5,920, 5,879