S&P 500 seems to be forming a Rising Wedge Pattern and currently trading close to crucial support at 2820-2800. A decisive break below could confirm the breakdown towards 2600 in the medium term. On the upside, any recovery is expected to face resistance in the 2900-2950.
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S&P 500 faced strong resistance at 2950 in the recent pullback and has corrected back towards crucial support at 2820-2800. Now a decisive break could confirm the beginning of a deeper correction in the short to medium term opening targets towards 2600.