S&P 500 Fibonacci Bounce Tests Mid Bollinger BandS&P 500 IndexTVC:SPXChartrickS&P 500 Technical Analysis - April 6th Monday Bias: Bullish / Recovery Accumulation The S&P 500 has delivered a sharp recovery from the 6478.66 Fibonacci 0.236 level, closing above the 0.382 retracement at 6578.72. What makes this bounce notable is the RSI 40 retest, a level that historically separates corrective pullbacks from trend reversals. The question now is whether price can sustain above this momentum threshold. What the Chart Shows CMP: 6582.69 (as on 2 Apr 2026). Sharp rally from 6316.91 to 6609.67. Price has retested the major RSI level of 40 and Fibonacci 0.236 level (6478.66) along with the major level of 6550.78, which may now act as support. Momentum is strengthening, indicating improving buying interest. Indicator Analysis RSI has retested the 40 level, indicating improving short-term momentum and potential support at this level. Sustaining above 40 indicates bullish momentum retention. A breakdown below 40 may signal weakening trend strength and potential downside. Price is approaching the Mid Bollinger Band, which may act as a dynamic resistance zone in the near term. Fibonacci levels: 0: 6316.91 (Major Support), 0.236: 6478.66, 0.382: 6578.72, 0.5: 6659.59, 0.618: 6740.47 Key Fibonacci Levels Support: 6578.72 (Immediate) / 6550.78 (Key) / 6478.66 (Strong, Fibonacci 0.236) Resistance: 6607.84 (Immediate, Mid Bollinger Band) / 6659.59 (Key, Fibonacci 0.50) / 6740.47 (Major, Fibonacci 0.618) Structure & Outlook Short term: Bounce with possible pullback for retesting the levels Medium term: Consolidation structure intact with buying pressure or accumulation at lower levels. Long term: Broader uptrend structure remains intact on the long-term timeframe. Pullback, if it occurs, would be within a continuing uptrend context. S&P 500 Index remains structurally bullish on the long-term timeframe; however, the breakdown of the short-term from highs of Jan 2026 indicates further weakening momentum or consolidation phase. Current structure or short-term trend reflects a consolidation phase with bounce from recent low levels. SP:SPX, technicalanalysis, fibonacci, bollingerbands, RSI, supportandresistance This analysis is educational technical chart analysis provided for informational purposes only. It does not constitute investment advice or any recommendation to buy, sell, or hold any financial instrument. All analysis is based on publicly available market data and is subject to change. Chartrick does not accept liability for any loss or damage arising from use of or reliance on this content, including any errors or omissions in the analysis. Users are solely responsible for their own investment and trading decisions.