US500 - Intraday - We look to Sell at 3020 (stop at 3030)
Our profit targets will be 2910 and 2900
Resistance: 3022 / 3040 / 3050
Support: 2970 / 2910 / 2900
Weekly – Close to an exhaustion count ( resistance at 3032)
Intraday chart – Ending . 261.8% lines up with the trend of
higher highs. A break of 2970 and the measured move target is 2910
Dips continue to attract buyers. Price action continues to trade around the all-time highs. Price action has formed a ending formation. The trend of higher highs is located at 3022. The 261.8% is located at 3021 from 2958 to 2982. The rally is close to an exhaustion count on the weekly chart. can be seen on the 4-hour chart (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted momentum, or at least a correction higher. Preferred trade is to sell into rallies. support is located at 2970. The formation has a measured move target of 2910.