S&P500
A complex technical structure is beginning to take shape. On the one hand, last week's movement did not indicate at any level that the index would fall. In fact, it closed at a new high, so it could even open higher. However, to do so, it would need to demonstrate strength on Monday and draw a strong rising candle with a gap. Otherwise a wedge pattern will begin to emerge, which could end with a break in the lower defining uptrend line. In the first case, there is still a chance of reaching 7,188 or 7,500, as this would be supported by a series of rising lows. In the second case, however, if it closes below 6,875, a rapid correction to the 6,720 or 6,563 levels may occur.
Resistance levels: 7,188; 7,500.
Support levels: 6,719; 6,563; 6,250; 5,937; 5,781; 5,625.
