S&P 500 Futures Index fails to break through 2780.00 resistance

Denis Joeli Fatiaki Independent Analyst

The Index fails to break out above 2780.20 after completing an inverse head and shoulders price pattern in the 60 minutes time frame and slide through three major support price points before bouncing at 2750.00. The current short to medium term trend is looking bearish and could soon run out of gas. If it holds at the current support and above its 500 EMA, then we might see another attempt at 2780.20. Failure to hold above its 500 EMA and 2750.00 could push the Index down to 2729.00

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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