As the S&P 500 approaches 2400 ( Resistance Level) and interim Supply Zone, on the 4hr Chart we can see
1. Since last Friday price entering a consolidation, with progressive formation of Descending candles.
2. This structure looks a lot like a Rising Wedge. If not this, then it certainly is a rising channel,
which is usually in the context of an uptrend, a reversal signal.
3. Volume is continuously falling, even during the NY session. The Buying pressure is abating
The past 2 days has seen indecision in this market, and a spread that is 1/5th the ATR.
In the coming NY session , it will be interesting to see if 2400 is broken or rejected.
For now, the Wedge pattern suggests a breakdown to
1. The supporting trendline at 5275 (most likely)
2. Demand - at 5200 .
1. Since last Friday price entering a consolidation, with progressive formation of Descending candles.
2. This structure looks a lot like a Rising Wedge. If not this, then it certainly is a rising channel,
which is usually in the context of an uptrend, a reversal signal.
3. Volume is continuously falling, even during the NY session. The Buying pressure is abating
The past 2 days has seen indecision in this market, and a spread that is 1/5th the ATR.
In the coming NY session , it will be interesting to see if 2400 is broken or rejected.
For now, the Wedge pattern suggests a breakdown to
1. The supporting trendline at 5275 (most likely)
2. Demand - at 5200 .
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.