S&P 500 closes the last trading session in the green zone, while the downward price movement vector prevails on the higher time-frame.
The support and resistance levels:
The nearest support is set at the 6830.69 mark.
This level was formed by the Bullish Engulfing pattern. The pattern consists of two candles: the first one is inside the body of the second one, which is much larger. The second candle completely engulfs the first one.
The nearest resistance is set at the 6904.69 mark.
As part of the formation of the level, the Identical Three Crows pattern was formed. This pattern consists of three consecutive Japanese candlesticks with identical long black bodies. Each candle opens at the closing level of the previous one and closes at a new low.
Trading recommendations:
Despite the downward dynamics prevail on a higher time-frame, the long position should be prioritized intraday. The latest signal on the chart indicates the prevalence of the upward movement intraday.
