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 support level is near the 7505.81 mark.
This level was formed by the Hammer pattern, also known as the Pin Bar pattern. This pattern is represented with a single Japanese candlestick which is composed of a small real body and a long lower shadow.
The resistance level is near the 7589.26 mark.
The pattern formed here is Three Outside Bars Down. This pattern is a combination of three Japanese candlesticks. The first candlestick has a short white real body, the second candlestick has a long black real body and completely engulfs the first candlestick, and the third candlestick is also black, closing below the second candlestick.
Trading recommendations:
On the higher time-frame, the upward price dynamics prevail. The last signal on the chart also indicates the upcoming growth. Against this background, it is worth prioritizing the buy signals during the day.
