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 current support level is in the area of the 6650.68 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 current resistance level is at the 6872.87 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 latest signal on the chart indicates the prevalence of the long positions. This signal is valid, until the other pattern is formed.
