During the previous trading session, S&P 500 demonstrated downward dynamics. On a longer time-frame, the upward trend still prevails.
The support and resistance levels:
The nearest support is set at the 7568.34 mark.
The Morning Doji Star pattern has formed here. This pattern consists of a combination of three Japanese candlesticks. The appearance of this pattern on the chart significantly increases the probability of a price reversal.
The nearest resistance is set at the 7624.41 mark.
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 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.
