S&P 500 And Nasdaq 100: OpenAI Concerns, Oil Surge Hit US Stocks

The minor range is 7046.55 to 7178.74. Its 50% level at 7112.65 is the first downside target. This is followed by Gann angle support 7088.40. If it fails, the market could sell off sharply to the minor bottom at 7046.55. Taking out this indicator changes the minor trend to down and shifts momentum to the downside.

The intermediate range is 6790.02 to 7178.74. Its retracement zone at 6984.38 to 6938.51 is the primary downside target. Since the main trend is up, buyers are likely to come in on the initial test of this area.

Traders should also note that since we had a higher-high on the weekly chart on Monday, the clock is ticking on a potential weekly closing price reversal top. The key level to watch is last week’s close at 7165.07.