S&P 500 Index 4H

S&P 500 4H

Price is currently maneuvering through a HTF descending broadening wedge and is testing resistance at the upper trendline of this pattern. A pattern breakout and a confirmed close would be necessary for an upward move before testing resistance at 4632.22. A failed pattern breakout would send price down to test the 4566.22 level which must hold as support to avoid a continued downtrend to HTF Long term trendline.