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After a good rally last week, when the S&P 500 reached a local 4-week high at 4477.0, today S&P 500 futures are declining, correcting inside the descending channel on the daily chart.
In case of breakdown of the short-term support level 4444.0 (ЕМА200 on the 15-minute chart), the correctional decline may continue to the support level 4410.0 (ЕМА200 on the 4-hour chart and ЕМА50 on the daily chart), and after its breakdown - to the lower border of the aforementioned descending channel passing between important long-term support levels 4278.0 (ЕМА144 on the daily chart), 4176.0 (ЕМА200 on the daily chart). Above these levels, the long-term upward trend in the S&P 500 remains.
Therefore, the breakdown of the local resistance level 4477.0 will be a signal for the resumption of long positions with the nearest target at the absolute record highs near 4545.0.
Support levels: 4444.0, 4410.0, 4278.0, 4176.0, 4110.0
Resistance levels: 4477.0, 4481.0, 4545.0
Trading recommendations
Sell Stop 4435.0. Stop-Loss 4485.0. Targets 4410.0, 4278.0, 4176.0, 4110.0
Buy Limit 4410.0. Stop-Loss 4360.0. / Buy Stop 4485.0. Stop-Loss 4435.0. Targets 4545.0, 4600.0, 4700.0
