S&P500
It still hasn't broken out of the rising wedge pattern, but the price is testing the lower trend line of the pattern for the third time. This doesn't look good at all, and there's a high chance of a downturn. Until the price breaks through the bottom of the wedge and falls below 6,875, the short direction will not be confirmed. Even if the index were to start rising, it would not be a clear upward trend, as the risk/reward ratio would not be very good at the moment. We are very close to a trend-like shift, which could begin as early as this week. If the 6875 level is broken, the price is expected to reach at least 6,563, but it could fall much lower than that.
Resistance levels: 7,188; 7,500.
Support levels: 6,563; 6,250; 5,937; 5,781; 5,625.
