During the previous trading session, the price of S&P 500 decreased, moving in the main trend direction on the higher time-frame.
The support and resistance levels:
The closest support to the price is at the 7372.11 mark.
The level was formed by the Three White Soldiers pattern. This pattern consists of three consecutive white long-bodied Japanese candlesticks that open inside the real body of the previous candle and close above its closing. The probability of a reversal forming when this pattern appears is about 80%.
The nearest resistance level is at the level of the 7447.74.
This level was formed by the Bearish Harami pattern, which is presented with two Japanese candlesticks where the second candlestick with a smaller real body is inside the body of the first one.
Trading recommendations:
The latest pattern formed on the chart prioritizes short positions. This signal is also proved with the price movement dynamics on the higher time-frame.
