justatrader
Short

S&P500 - Bear Flag. 2000 - 1800 levels to watch!!

SP:SPX   S&P 500
333 3 6
Major trend line broken with price action consolidating into a bear flag . Support at 1807 level, which has been tested quite a few times. Below 1807, next main support at 1741, with a minor support at 1800 round number.
nice) watch out tho if trades above 197.5 - it can cancel the downward risk..
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Yep, a break above the resistance near 1977 - 1980 could easily see a move higher. There is also a kind of 'ascending triangle' pattern (depending on how you see it). So the bottomline is the support/resistance level itself. Could be a move to the upside or a test back lower. Should be interesting!!
+1 Reply
Killy_Mel justatrader
agreed)
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