S&P500
We still haven't moved out of the rising wedge formation. The situation is complex because until the price breaks down from the wedge and falls below 6,875, the short signal can only be mentioned in a conditional manner at most. However, if the index starts to rise, this would not simplify the picture either, as in this case there would be a chance of reaching the 7,188 or even 7,500 level – this is also supported by the series of rising lows. The pattern has already narrowed significantly, there is no trading today, and Tuesday's trading could see a significant shift. We are still waiting for the day that could mark the beginning of the correction phase. A downward correction could target the 6,563 level at a minimum, and then we can talk about the nearest target price. This situation does not look like a suitable entry point from a long perspective in terms of return/risk.
Resistance levels: 7,188; 7,500.
Support levels: 6,563; 6,250; 5,937; 5,781; 5,625.
