During the previous trading session, the positive dynamics of the S&P 500 movement were seen. On a longer time-frame, the upward price movement vector also prevails.
The support and resistance levels:
The current support level is in the area of the 6823.22 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 current resistance level is at the 6876.55 mark.
The Bearish Engulfing pattern formed this level. It consists of two Japanese candles: the first candle is located inside the body of the second candle.
Trading recommendations:
The upward dynamics prevail on a longer time period, but the short positions should be prioritized during the day because the latest signal suggests a dominant downward movement.
