S&P500
The downward trend has begun; sell signals were already appearing last week, even though we saw a significant retest on Monday. With the decline, the curve has also shifted downward from the channel, so for now, everything points south. In such cases, we can look at the correction levels of the one-year-long uptrend, based on which a 50% correction would be the minimum expected from the decline. This support level lies around 5,937. The ideal correction (61.8%) is around 5,625. A new long wave could start above the red trend line, which is not currently the case, but if a very strong breakout occurs, it could naturally bring a correction opportunity sooner. Currently, a long entry is not supported.
Resistance levels: 7,188; 7,500.
Support levels: 6,563; 6,250; 5,937; 5,781; 5,625.
