empty
03.02.2025 12:15 AM
#SPX – Weekly Results and Prospects

This image is no longer relevant

January ended with a bullish candle, establishing a new all-time high at 6127.41. However, the index only reached this high with an upper shadow, failing to close above previous levels. It's worth noting that bears also updated last month's low, and the weekly close before the weekend reflected a dominance of uncertainty. These circumstances open the door for the market to break below the current support at 5948.42 (weekly short-term trend) and initiate a downward correction. If bullish activity resumes, the resistance zone near the psychological levels of 6250 – 6300 remains the primary target.

This image is no longer relevant

Last week, the index opened with a deep downward gap, which could not be fully closed by the daily candle's body, leaving only a shadow. If the daily short-term trend at 6021.10 ceases to act as support within this consolidation, the next critical levels for bears are 5948.42 (daily medium-term trend + weekly short-term trend) and the daily Ichimoku cloud support between 5943.52 and 5897.38. A break below these levels would create new opportunities for downward movement.

This image is no longer relevant

In the H4 timeframe, the bullish target of breaking above the H4 Ichimoku cloud at 6111.15 was achieved by the end of last week. As anticipated, the bulls took a pause afterward. This completed H4 target established a solid basis for a shift in sentiment. The bulls were unable to return to previous highs or continue their upward movement. Currently, the index is trading in a zone of equilibrium near the weekly long-term trend line at 6049.95, which has been moving horizontally for some time, indicating market indecision.

Trading above this trend line would favor a strengthening of bullish sentiment, while trading below it could create opportunities for bearish momentum to develop. The intraday movement will be guided by the classic pivot support and resistance levels, which are updated daily at market open.

***

Technical Analysis Components:
  • Higher Timeframes: Ichimoku Kinko Hyo (9.26.52) and Fibonacci Kijun levels
  • H1: Classic Pivot Points and 120-period Moving Average (weekly long-term trend)
Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD. June 3rd. Waiting for EU Inflation Data

On Monday, the EUR/USD pair consolidated above the 1.1374–1.1380 zone and rose to the 76.4% retracement level at 1.1454. A rebound from this level worked in favor

Samir Klishi 11:06 2025-06-03 UTC+2

Forecast for GBP/USD on June 3, 2025

On the hourly chart, the GBP/USD pair on Monday consolidated above the 161.8% retracement level at 1.3520. Thus, the pound's upward movement may continue today and throughout the week toward

Samir Klishi 11:05 2025-06-03 UTC+2

Forex forecast 03/06/2025: EUR/USD, AUD/USD, NZD/USD, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:47 2025-06-03 UTC+2

Technical Analysis of Daily Price Movement of GBP/CAD Cross Currency Pairs, Tuesday June 03, 2025

From what is seen on the 4-hour chart of the GBP/CAD cross currency pair, there appears to be a Divergence between the GBP/CAD price movement and the Stochastic Oscillator indicator

Arief Makmur 08:23 2025-06-03 UTC+2

Technical Analysis of Intraday Price Movement of EUR/JPY Cross Currency Pairs, Tuesday June 03, 2025.

If we look at the 4-hour chart of the EUR/JPY cross currency pair which moving below the WMA (21), which also has a decreasing slope and the appearance of Convergence

Arief Makmur 08:23 2025-06-03 UTC+2

Forecast for EUR/USD on June 3, 2025

Risk appetite on Monday was widespread: the S&P 500 rose by 0.41%, oil by 1.71%, gold by 2.37%, the dollar index dropped by 0.63%, and the yield on 5-year

Laurie Bailey 05:17 2025-06-03 UTC+2

Forecast for GBP/USD on June 3, 2025

Amid strengthening risk market trends and a 0.63% decline in the US dollar, the British pound rose by 93 pips. The price is now seriously poised to target the 1.3635

Laurie Bailey 05:17 2025-06-03 UTC+2

Forecast for USD/JPY on June 3, 2025

On Monday, the yen strongly broke through the MACD line support and the target level at 143.45, moving 134 pips. The Marlin oscillator has settled into the bearish territory

Laurie Bailey 05:17 2025-06-03 UTC+2

XAG/USD. Analysis and Forecast

Today, at the start of the new week, silver is rising, recovering above the psychological $33.00 level and offsetting part of Friday's losses. However, the intraday rally lacks strong momentum

Irina Yanina 18:40 2025-06-02 UTC+2

Trading Signals for EUR/USD for June 2-5, 2025: sell below 1.1474 (21 SMA - 6/8 Murray)

EUR/USD is trading around 1.1437, below the Murray 6/8 level and within the uptrend channel formed on May 9. The instrument has an area where buyers have found it easier

Dimitrios Zappas 18:38 2025-06-02 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.