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James Stanley observes that SPX is currently holding a significant support zone through the midpoint of the week. He suggests that forming an inside bar on the weekly chart may not be negative for those anticipating a recovery swing.
Stanley adds there is still substantial time left in the week for further market developments.
Stanley previously noted the S&P 500 trading at key support, cautioning that oil prices above $100 could pose risks to equities in a recent analysis. In a separate update, he analyzed USD/JPY approaching resistance levels with attention on potential Ministry of Finance intervention. His recent commentary continues to track major inflection points across asset classes.