After all the market chaos that unfolded yesterday evening, S&P 500 stands out with one of the cleanest and most promising technical setups on the board. The index staged a powerful rebound, and that move brought us right into a key horizontal resistance at 5500 points—a level that previously acted as support on March 14th and 31st, now flipped into resistance.
This yellow-marked barrier is currently holding back the upswing, and price action around this zone will be critical in the coming hours. A break and close above 5500 would open the door toward the next resistance, a red downtrend line connecting lower highs since mid-February. That level has capped bullish attempts for the past two months, so all eyes will be on it if the momentum continues.
On the support side, we look to the orange zone, which was the previous top from April 7th and 8th. During the Asian session, we saw some profit-taking, and this area may now serve as a launchpad for a renewed push higher—a classic pullback-to-support scenario.
With yesterday’s rebound, the broader sentiment on indices has clearly shifted back to bullish, and S&P 500 is once again showing leadership. The question now is whether buyers have enough fuel to break through 5500 and challenge the long-term trendline resistance above.