SPx500 testing initial support
The index price failed in yesterday’s trading to resume the upward attack, affected by the exit of the Stochastic indicator from the overbought level, forcing it to form a bearish corrective bounce,
We currently and continually expect the price to be exposed to negative pressures, forming an additional corrective decline to incur additional losses by being attracted towards 4328 and then trying to test the main support extending towards 4298 . As for its renewal of the upward push, this requires presenting a positive close above the 4383 level, to facilitate the task of achieving new gains that may extend towards 4402 and 4423 respectively.
Pivot Price: 4383
Resistance Price: 4402 & 4423 & 4464
support price: 4328 & 4298 & 4268
The expected general trend for today: corrective bearish
timeframe: 4H
We currently and continually expect the price to be exposed to negative pressures, forming an additional corrective decline to incur additional losses by being attracted towards 4328 and then trying to test the main support extending towards 4298 . As for its renewal of the upward push, this requires presenting a positive close above the 4383 level, to facilitate the task of achieving new gains that may extend towards 4402 and 4423 respectively.
Pivot Price: 4383
Resistance Price: 4402 & 4423 & 4464
support price: 4328 & 4298 & 4268
The expected general trend for today: corrective bearish
timeframe: 4H
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