The S&P 500 (SPX) has formed a double bottom which could be the most important near – term area on the chart.
The 30 – minute SPX chart courtesy of Trading View illustrates the intraday action.
Today 10/02/24 the SPX low of the day was 5,674.00 almost a bulls eye hit of the bottom made on 09/20/24 at 5,674.49.
If the SPX can break the double bottom the next support zone is the series of bottoms made from 09/16/24 to 09/18/24. The price zone is between 5,604.53 to 5,615.08. If this price support is broken it could open the door to a rapid decline down to the low 5,400 area.
Current daily momentum indicators are inconclusive, this could change if the support levels are broken.
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