US 500 - below strong resistance

The index of 500 biggest US companies has reached a possible resistance level at 3232 pts. This area could be important for the market participants because previously the price has created a support level. Currently, this support may become the resistance level.

If it is not broken the market may move to the line drawn through the bottoms. If the line is broken we may expect another decline to the next possible support at 2982 pts.

In the short term, the market may consolidate between the previously mentioned upper and lower limits of the consolidation.

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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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