Chart Update : S&P 500

Hourly chart:

15 Min Chart:

S&P 500 is moving in a well formed down trending  price channel(15 min Chart) from recent top . Currently S&P 500 trading at a upper end of price channel which will act as first resistance.

Resistance : 

• Trend line resistance at 1556.
• Upper Price channel 
• 34 Hour EMA at 1556.9

Combining all this studies it can be concluded that  1556-57 zone will be area of resistance. Break out from this zone price can target 1565 (~50% of wave 1) and 1575(~61.8% of wave 1).

On the other hand breakdown from the orange price channel will open up the probability of new low.

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All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.