SPX is approaching our first resistance at 2703 (100% fibonacci extension , 76.4% fibonacci retracement ) and a strong drop might occur below this level pushing price down to our major support at 2406 (76.4% fibonacci retracement , 61.8% fibonacci extension ). RSI (34) is also approaching resistance and we might see a corresponding drop in price should it react off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks