Conotoxia

S&P 500 - rising wedge pattern

CME_MINI:ES1!   S&P 500 E-mini Futures
The S&P 500 futures contracts are trying to break the lower limit in the rising wedge pattern. The market has been creating it since the end of June with lower and lower trading volume . What is more, the market has stopped the recent rally at its previous record high from February.

Talking about the double top pattern could be too soon, but definitely we can talk about strong resistance and barrier for the bulls. If the lower limit within a wedge is broken we may expect a decline to the nearest potential support levels. They are set by the previous low at 3204 and 2969 pts. It could be a 5 to 10% decline.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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