SPX is approaching our first resistance at 2792.6 (horizontal overlap resistance, 38.2% fibonacci retracement, breakout level) and a strong drop might occur below this level pushing price down to our first support at 2699.0 (horizontal swing low support, 100% fibonacci extension, 61.8% fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price.
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price.
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