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 level is at the price level of the 7350.48.
The indicated level was formed by the Bullish Homing Pigeon pattern. In this pattern, the first candle has a long black body and the second one has a white body. The opening of the second candle is close to the closing of the first one.
The nearest significant resistance level is at the 7450.46 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:
During the day, it is worth considering the possibilities for opening short positions. This is indicated by both: the dynamics of price movement over a longer distance and the latest formed pattern.
