Key S&P 500 – Support and Resistance

The 05/10/23- S&P 500 (SPX) trading session was wild and unusual. 

The 5 – minute SPX chart courtesy of Trading View illustrates the action.

The monthly U.S. – CPI report was released at 8:30 AM – EDT and triggered a huge rally.  Just before the SPX session began at 9:30 AM – EDT, the S&P 500 futures were  25 – points above their 05/09/23 main session high.  

Two – minutes into the SPX session the rally stopped and then dropped sharply.  This was unusual because normally on big news related rallies the SPX continues higher throughout the day.  Additionally, there was no resistance above the  SPX peak.  The big drop looked like big money funds taking advantage of bullish liquidity to sell.

After the initial drop the bulls mounted two failed rallies.  When the SPX broke below  Fibonacci .50 support it looked like the bulls could be crushed.  Amazingly the bulls had a powerful relentless rally.  

The key SPX resistance is at 4,147.31, a rally above that level opens the door to the 05/01/23 high.

Key SPX support is at 4,098.92, a break below could trigger a drop down to the 4,100 area.    

The rally after the 05/10/23 bottom was more persistent than the prior drop.  The strong upside action implies the SPX could soon move up to the 05/0//23 high. 


Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Advantage,, and Finance Magnates.

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