Sp500 is now at a very crucial moment just 4 days before the FOMC meeting on Thursday .
Price is around at 5112 level and we want to see if this resistance is going to stand or it will break next week. If we have a break of this resistance then we will have 4h chart moving below the 100 ema and that’s the first time we will see that after a long time..
also the break of 5112 level means that the double top pattern which formed in 4h chart continues its downward move to the 5093 neckline level. Just to point that the target of the double top pattern is at 4998.
If we have a break of the neckline then we move forward to the crucial 5056 level.. that level is the big support of this uptrend. If we break this level too then we can start to talk about the start of the true correction and probably the retest of the previous ATH of 2021 at 4800.
Tp1 : 5093
Tp2: 5056
And if we have a break then very possible targets :
A. 4956
B. 4920
C.4856
And our final target the retest of the 4800 level
Thanks a lot , trade safely .