S&P 500

By Mariya Markova

US500-S&P 500 (GSPC, INX, SPX)

, 4 hours

short

#Technical

#Bearish

Range

Resistance 1 5147.11
Quote Price 5022.22
Support 1 4947.98
Support 2 4846.50

On the 4 hour chart, we can see that from a risk management perspective, the sellers will have a much better risk to reward setup around the trendline where they will also find the confluence of the red 21 moving average and the 61.8% Fibonacci retracement level. The buyers, on the other hand, will want to see the price breaking higher to invalidate the bearish setup and position for a rally into a new all-time high