Important Near- Term S&P 500 – Support/Resistance

The daily S&P 500 chart courtesy of Trading View updates the action. 

Most of the time important market turns are made with at least one momentum bullish/bearish divergence.  The MACD and RSI readings are based on closing price.  The lowest S&P 500 (SPX) closing price for the decline that began on 02/19/25 was made on 04/08/25.  The maximum downside readings for both oscillators occurred on 04/08/25. 

These readings imply the SPX could have a near – term drop below the 04/08/25 closing level. 

The rally on 04/09/25 retraced to the Fibonacci .50 level of the February to April decline.  This level is just below powerful overhead resistance.

If the SPX can move above the 04/09/25 top at 5,481.34 it could rally back to the 02/19/25 peak.

If the SPX breaks below the 04/07/25 bottom at 4,835.04 it could open the door for a move down to at least the 4,500 area.