S&P500
The index broke out of its rising wedge pattern in the middle of last week, but we saw a significant correction on Friday. Since it did not remain below 6875, the possibility of a significant decline has become questionable for the time being. If the chart had remained below 6875, it would have been a sign of strong weakness. However, Friday's rise brought the index back to the ideal correction level for the decline, so as long as the index does not close below Thursday's low (6780), no reversal pattern will be able to form. This could be an important neckline. However, this rebound does not yet indicate a sustained rise.
Resistance levels: 7,188; 7,500.
Support levels: 6,563; 6,250; 5,937; 5,781; 5,625.
