SP500 prices are moving near historical resistance at 4810 and at the top of a weekly ascending wedge.
Only a powerful break of 4810 would open the way to a new rise, otherwise a correction is favored below these levels, we will monitor:
- A first support around 4600 pts which could restart the short-term upward trend towards the resistance zone.
- in the event of a break, prices could head towards the bottom of the ascending wedge towards 4400.
If the wedge breaks medium/long term bearish alert
Only a powerful break of 4810 would open the way to a new rise, otherwise a correction is favored below these levels, we will monitor:
- A first support around 4600 pts which could restart the short-term upward trend towards the resistance zone.
- in the event of a break, prices could head towards the bottom of the ascending wedge towards 4400.
If the wedge breaks medium/long term bearish alert
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.