SP:SPX   S&P 500 Index
S&P Daily timeframe price action created a rising wedge . The price retested previous high and reversed from 1426.68 only to find support at 20 period SMA . Current support on downside could potentially be found at 1380 which is the falling trend line followed by 1365-1370 ( 38.2% Fib Retracement and 50 SMA levels ) and subsequently at 1346 which is 50% Fib Retracement from the current highs. Alternatively if the price action spikes higher breaking above the current high of 1426 and creates a Daily close above that level the next resistance could be located at 1440-1447 level. Indicators like MACD and Stoch are creating bearish crossovers at overbought levels. Also Volume is falling indicating possible Negative Divergence


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