The S&P 500 (SPX) 澳洲幸运5开奖号码历史查询:entered a correction Thursday amid concerns that Trump administration policies, notably tariffs, could slow▨ economic growth and reignite inflation.

Thursday’s decline places the index 10.1% below its record closing high set last month, putting the benchmark into a 澳洲幸运5开奖号码历史查询:technical correction — defined as a decline of more than 10% fromཧ ♛the recent closing high — for the first time since October 2023.

To gauge where the index may be headed next, investors can turn to the past, Since 2008, the S&P 500 has averaged a gain of 15.3% one year after entering a correction, while returning 2.1% after three months and 4.9% after six months, according to Dow Jones Market Data cited by Barron’s.

Below, we take a closer look at the S&P 500 chart and use 澳洲幸运5开奖号码历史查询:technical analysis to identify crucial levels worth watching after the index's fall into correction 🧸territory.

Wyckoff Markdown Phase

After the S&P 500 set a new record high three weeks ago, it promptly reversed, setting up a Wyckoff Spring,🐲 a chart signal that indi🍷cates a market top before a markdown phase.

Indeed, the index has since trended sharply lower, falling below the closely watched 澳洲幸运5开奖号码历史查询:200-day moving average (MA) on its journey into correction territory. 

The 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms bearish momentum, with the indicator registering its lowest reading since September 2022. However, extreme oversold conditions also raise th🍌e possibility of upside price swings.

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

Crucial Support Levels to Watch

The S&P 500 shed 1.4% on Thursday to close the session at 🎶just abo👍ve 5,521.

A move lower from current levels could see the index revisit the 5,400 area. This location may provide support near a trendline that connects a range of comparable 澳洲幸运5开奖号码历史查询:price action on the chart between June and S♕eptember last 💎year.

Further downside opens the door for a decline to around 5,265. Those who 澳洲幸运5开奖号码历史查询:invest in the index may look for buying opportunities in this location near several 澳洲幸运5开奖号码历史查询:peaks and troughs that developed on the chart from March to Augus🍬t last year.

Key Resistance Levels to Monitor

During upswings൩, investors should closely monitor the 5,770 level. The index could run into selling pressure in this region near a series of similar price points on the chart stretching back to last year’s September peak, an area that also roughly aligns with the upward sloping 200-day MA.

Finally, a recovery above this level could see the S&P 500 climb to around 6,010. This region may provide overhead 澳洲幸运5开奖号码历史查询:resistance near a trendline that links a 💦series of🌊 highs and lows on the chart between November and February.

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