Market Summary
After four consecutive red weeks reminiscent of the early stages of the 2022 bear market, the S&P 500 managed to secure a green week, breaking the downward momentum. The recovery began with a critical Failed Breakdown pattern last Thursday, launching a relief rally that tested the significant 5755-62 megaphone resistance multiple times this week.
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Technical Levels
Range Boundary: 5686 support to 5750-55 resistance
Weekly Performance: First green week in 5 weeks
Key Rejection Zones: 5755-62 megaphone pattern
OPEX Day: Maintained range after typical choppiness
Pattern Analysis
Key Sequences
4 consecutive red weeks
Failed Breakdown recovery
Multiple tests of megaphone resistance
Control Zones
Bulls maintaining 5686 support
Resistance at 5750-55
Potential continuation levels: 5610, 5636, 5710
Looking Ahead
Sustainability of relief rally
Monitor megaphone resistance
Watch for potential follow-through or rejection
Assess likelihood of deeper market lows
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