4 min readWelcome to another daily market update on the S&P 500.
We begin today’s session by analyzing the daily chart to assess any potential shifts in higher timeframe structure.
One key observation is the prominent wick on yesterday’s candle. Following a bullish gap up between Tuesday’s close and Wednesday’s open, we saw a strong push higher early in the session. However, that bullish momentum began to fade later in the day, leading to a close below both the 0.618 Fibonacci level and the minor resistance zone (highlighted in blue in yesterday’s update).
This type of price behavior signals that while buyers were initially in control, sellers stepped in aggressively near the high timeframe resistance zone, creating a clear upper wick that suggests significant selling interest in that area.
As of now, price remains comfortably below the 5,500 high timeframe resistance, and until that zone is decisively reclaimed, we can continue to view the overall structure as either bearish or neutral at best on the higher timeframes.
Let’s now move into the lower timeframes to identify levels that could play a role in today’s price action or in the sessions ahead.
Intraday View – Testing Range Highs, Gap Fill in Sight?
Moving into the 1-hour timeframe, we can see that the current range structure remains in play. Yesterday’s gap-up move took price straight into the range-high area, which acted as firm resistance—leading to a rejection and reversal.
We’re now trading around the opening price of Tuesday’s daily candle, with the gap area left unfilled, sitting just below current price near the range EQ.
Considering that:
- We just tapped the range high
- The range EQ below remains untested
- And price continues to trade between key high timeframe resistance and support zones
…it seems plausible that a gap fill could be on the S&P 500’s agenda today.
Traders may want to monitor how price behaves around the mid-range levels, especially if momentum shifts lower in the early session.
Author
Risk DisclaimerThe financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
