US500 (SPX500) - Head and Shoulders forming

SPX500USD
SPX500USD

US500 - Intraday - We look to Sell at 2996 (stop at 3011)

The rally has posted an exhaustion count on the weekly chart. Trades at the lowest level in 15 days. An overnight positive theme in Equities has led to a higher open this morning. The 261.8% Fibonacci extension is located at 5953 from 3026 to 2998. Expect trading to remain mixed and volatile. A bearish Head and Shoulders is forming. Trend line resistance is located at 2999. Bespoke resistance is located at 2996.

Our profit targets will be 2954 and 2950

Resistance: 2996 / 2998 / 3026
Support: 2954 / 2929 / 2900