SPX is hitting all-time high resistance 3000 level in a broadening wedge
SPX weekly chart is revealing a hard test of the strong upside resistance and a broadening long-term and rising medium-term wedge 3000. It is also testing the previously broken long-term uptrend line. This level should provide a strong rejection for a reversal lower.
On a daily chart, we can see a test of the resistance confluence. This is providing an excellent trading opportunity with a good risk to reward short entry. You can place a short trade even at the market with the stop loss above the 3020 level targeting 2890 level and even trailing the profit further downside into the 2820 level.
We have used the combination of the top-down trading analysis to get these key levels explained on the charts.
Happy trading! (click on the chart to enlarge it)
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