Key Support: 4440
Key Resistance: 4490
The SP500 has been trading in a very structured pullback since it printed the highs around 4550 earlier this month. This pullback is capped to the downside by the 4440 level whilst retesting the mid-term bullish structure.
My idea here is to buy on a break of the immediate bearish structure (5 days in a row of lower daily highs) for a retest of yesterday’s highs / weekly pivot.
Momentum should dry up at the ADR highs around the 4500 level should this scenario play out.
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