#S&P 500 ANALYSIS

The S&P 500 is encountering resistance in the horizontal supply zone after hitting a new all-time high. It recently broke down from an ascending triangle pattern, with the Ichimoku Cloud serving as a support level.

If the price drops below the cloud and then successfully retests the pattern, this could lead to further declines. Conversely, if the retest is unsuccessful, the price might continue to range within the pattern. It’s important to monitor these significant levels.

Additionally, the price movements of the S&P 500 frequently reflect trends in the cryptocurrency market, making it an important indicator of overall market sentiment.