Rally into the Heart of Resistance?

The prior blog “Short-Term Outlook for U.S. Stocks – 04/25/25” noted

“U.S. stocks could continue to rally into the week of 04/28/25 to 05/02/25”.

An important peak for U.S. stocks could be made on 05/01/25.  The hourly S&P 500 (SPX) chart courtesy of Trading View updates the action.

The Volume Profile method places volume on a vertical axis matching volume to price level.  This is a very effective tool to discover potential support/resistance areas.  The widest part of the profile is called “Point of Control” (POC) and represents the strongest potential support/resistance zone.

POC for the SPX – February to April decline is near SPX 5,630.  There’s also potential resistance at the Fibonacci .618 retracement of the February to April drop.  The .618 Fib is at SPX 5,650. 

The broad resistance zone is 5,660 to 5,620.

There’s also a possible Fibonacci cycle turn due on 05/01/25.  More about this cycle in the next blog assuming the SPX reaches the price zone on 05/01/25.