S&P500
The decline that began at the end of last week occurred after a retest following the break of the long upward trend, thus confirming the 7,000 level as resistance. It would be important for the low reached two weeks ago on Thursday (6,780) to fall within a day or two, as this would give us a clear change in structure. The decline is already showing signs of becoming a trend, which means that momentum is likely to be downward. It is not worth looking for longs, only much lower, because after nearly a year of growth, the correction phase could last several weeks. The first support level is at 6,563, but halfway through the year's growth, the only better buying level is around 5,938.
Resistance levels: 7,188; 7,500.
Support levels: 6,563; 6,250; 5,937; 5,781; 5,625.
