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S&P 500 technical analysis, the index reached the fourth final target of the third bullish daily wave at 2.618 FIB extension at 4530 and started a pullback. The first target of this pullback is the 0.386 FIB retracement at 4355, which was reached. On the daily chart, this pullback is now full breakdown, the first target of this breakdown is the 100 FIB extension at 4225, where we have a support and the 0.618 FIB retracement. The second target of the bearish breakdown is the 1.272 FIB extension at 4160, and the third target is the 1.618 FIB extension at 4075.
On the other hand, if the S&P 500 breaks back above 4465, it will be a signal for ease on the bearish pressure, and it will send the index higher toward the previous high at 4545.
Daily chart:
Weekly chart:
