FX.co ★ S&P 500 Forecast for May 23, 2025

In the daily timeframe, the price consolidates below the green line of the ascending price channel, with a target level 5908. This likely indicates preparation to break through resistance levels, aiming for continued growth toward the upper boundary of the price channel around the 6318 mark.

The Marlin oscillator's signal line is still declining, so we are not rushing ahead but are preparing for a bullish scenario.

On the four-hour chart, the key signal for a trend reversal to the upside is the Marlin oscillator's signal line, which shows readiness to break out of its descending channel and move further into bullish territory.

Marlin may confirm this breakout if the price consolidates above the signal level of the nearest peak, 5877.95. A sustained move above 5908 would allow the price to also break above the MACD line, which is above the price channel's upper line.

There are multiple resistance levels, so a rapid rally is not expected — but the technical structure suggests that upside potential is building.