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 nearest support is set at the 7345.87 mark.
This level was formed by the Three Inside Up pattern. This pattern consists of three Japanese candles: the first candle has a short white real body, the second candle has a white real body and is completely inside the body of the first candle, and the third candle is also white and closes above the body of the second candle.
The nearest resistance is set at the 7437.87 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:
The latest signal on the chart indicates the prevalence of the long positions. This signal is valid, until the other pattern is formed.
