SPX weekly overview

🔺 Chart Summary – Symmetrical Triangle + Key Levels

chart clearly shows a large symmetrical triangle forming on the SPX 1-hour timeframe:

1. Triangle Structure

Upper trendline (descending): Connecting the lower highs from the recent peak.

Lower trendline (ascending): Connecting higher lows from the last big dip.

Price is currently squeezing toward the apex, meaning volatility may contract before a bigger breakout move.

Resistance Levels

6750–6760 zone: Immediate resistance; price is struggling here.

6830–6860 zone: Major resistance cluster from previous swing highs.

Above that: Trendline resistance will be the next barrier.

Support Levels

6700–6710 zone: Very important short-term support.

6640–6650 zone: Stronger support; matches previous reaction lows.

6580–6600: Deeper support and bottom of the triangle approach.

4. Market Implication

Bullish: Break above the descending trendline + close above 6760 opens path toward 6830–6860.

Bearish: Break below the ascending trendline + close under 6640 opens path toward 6580 and further.

5. Overall View

The index is coiling inside a tightening triangle, meaning a major move is likely soon. Right now, SPX is in neutral-to-slightly-bearish territory until it reclaims the 6750–6760 zone.