SP500 in bear mode

SP500 in bear mode

Key Resistance: 3940
Key Support: 3900 – 3870

The SP500 has been in a bearish structure from last week printing lower highs and lower lows. This price move comes after a +7.10% move since the last 3 weeks.

We can see the SP500 is now capped to the upside by the 3940 level which confluences with the weekly pivot and the top of the immediate bearish structure, whilst trading inside of a bear flag.

Should price reject this massive level of resistance and break the bearish flag, the next level to be retested will be the previous week´s lows.

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Author : Orlando Gutierrez

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