S&P 500 Index Technical Analysis; rising wedge and a triple top
What is going on now with S&P 500 INDEX?
S&P 500 INDEX has reached its previous high before the last correction and is technically pointing to a pullback. The current data has produced a triple top price formation and a rising wedge price pattern in the four-hour price chart which is quite a strong prospect that the market could be heading south shortly.
My thoughts on what may happen
S&P 500 INDEX has reached the end of the rising wedge price pattern and also had two failed attempts to breakthrough 2958.70 in the last trading session. The Index needs to break and remain above 2958.70 to continue to its next challenge at around 3023.50. A collapse of the Index prices below 2915.60 could trigger the beginning of pullback to around 2824.80
Support: 2958.70, 2915.60, 2824.80, and 2635.00
Resistance: 2937.70, 2958.70, and 3023.50
S&P 500 INDEX has reached its previous high before the last correction and is technically pointing to a pullback. The current data has produced a triple top price formation and a rising wedge price pattern in the four-hour price chart which is quite a strong prospect that the market could be heading south shortly.
My thoughts on what may happen
S&P 500 INDEX has reached the end of the rising wedge price pattern and also had two failed attempts to breakthrough 2958.70 in the last trading session. The Index needs to break and remain above 2958.70 to continue to its next challenge at around 3023.50. A collapse of the Index prices below 2915.60 could trigger the beginning of pullback to around 2824.80
Support: 2958.70, 2915.60, 2824.80, and 2635.00
Resistance: 2937.70, 2958.70, and 3023.50