S&P INTRADAY oversold bounce back?

S&P (US500) index pair price action sentiment appears bullish, supported by the longer-term prevailing uptrend. The recent intraday price action appears to be a sideways consolidation after a retest of an all-time high on 19th Feb ‘25.

The key trading level is at the 6007 level, the consolidation price range and also the previous resistance is now a newly formed support zone. A corrective pullback from the current levels and a bullish bounce back from the 6007 level could target the upside resistance at 6057 followed by the 6106 and 6146 levels over the longer timeframe.

Alternatively, a confirmed loss of the 6007 support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 5980 support level followed by 5967 and 5918.

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