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S&P 500 Technical Analysis: Elon vs. Trump Feud Won't Shake Bulls Just Yet
Despite the recent headline-grabbing feud between Elon Musk and Donald Trump, the S&P 500 E-mini futures have held their ground firmly. In a market where sentiment often shifts rapidly due to external noise, the resilience demonstrated by bulls is noteworthy.
Technical analysts have observed the S&P 500 futures respecting an extended downward channel, adjusted to align precisely with recent price wicks. Channels can vary depending on algorithms and analyst approaches—some take openings, others prefer extreme wicks—but the current channel remains a key battleground for market participants.
Thus far, despite provocative exchanges between Musk and Trump, traders have not panicked. Instead, the market has shown relative composure, signaling continued bullish confidence. Price action, after all, frequently reveals underlying market truths, and the current stability suggests bulls are not ready to relinquish control.
This stability does not assure a guaranteed outcome, but it highlights a critical junction offering a favorable risk-reward scenario. The prevailing technical structure could potentially lead the S&P 500 toward new all-time highs if this channel remains intact.
However, caution is warranted. A sustained breakdown below the critical support around 5,900—specifically marked by two consecutive days closing beneath that level—would alter the bullish narrative significantly.
For now, the bullish premise remains robust, undeterred by external noise, but traders should remain vigilant for potential changes if key support levels are breached.
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This article was written by Itai Levitan at www.forexlive.com. Read More Details
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