S&P 500 Buyers Are Fighting Back
⠀
The S&P 500 came under heavy pressure after NVIDIA CEO Jensen Huang’s resignation triggered fresh uncertainty across AI-related stocks.
But what caught my attention was the recovery.
Despite NVIDIA’s weakness, strength in other semiconductor names and sectors helped the index recover much of its early losses.
⠀
Technically, the S&P 500 is now challenging its Monthly Pivot Point and attempting to break above key Resistance Lines.
From an Elliott Wave perspective, the recent five-wave Impulsive Structure may be complete, so a short corrective move is still possible before another bullish leg.
⠀
As long as buyers defend the key $7,591 area, I’m watching for a move toward ($7,703-$7,716).
A clean breakout above that zone could reopen the path toward new highs.
⠀
My setup:
TP: $7,703
SL: $7,530
⠀
Bitcoin and Ethereum could also react strongly if U.S. equities make another sharp move, especially while broader risk sentiment remains fragile.
⠀
Which level comes first?
🟢 $7,703
🔴 $7,530
#SP500
⠀
The S&P 500 came under heavy pressure after NVIDIA CEO Jensen Huang’s resignation triggered fresh uncertainty across AI-related stocks.
But what caught my attention was the recovery.
Despite NVIDIA’s weakness, strength in other semiconductor names and sectors helped the index recover much of its early losses.
⠀
Technically, the S&P 500 is now challenging its Monthly Pivot Point and attempting to break above key Resistance Lines.
From an Elliott Wave perspective, the recent five-wave Impulsive Structure may be complete, so a short corrective move is still possible before another bullish leg.
⠀
As long as buyers defend the key $7,591 area, I’m watching for a move toward ($7,703-$7,716).
A clean breakout above that zone could reopen the path toward new highs.
⠀
My setup:
TP: $7,703
SL: $7,530
⠀
Bitcoin and Ethereum could also react strongly if U.S. equities make another sharp move, especially while broader risk sentiment remains fragile.
⠀
Which level comes first?
🟢 $7,703
🔴 $7,530
#SP500
