BluetonaFX - SPX Potential Double Top SHORT Opportunity

Hi Traders!

There is a potential double top pattern formed on the 1D S&P500 chart, and there is potential for further moves to the downside depending on whether we get another price rejection at the important 4393.57 level, which is the 4-week high.

Price Action 📊

The market has had a big price rejection around the 4393.57 level and has now reached that level again. There is potential for a short entry with a small stop loss above 4393.57 for good risk-reward opportunities.

Fundamental Analysis 📰

There were weak US major figures recently posted, with weaker than expected PMI figures and Non-Farm jobs data. The Fed also failed to commit to further interest rate hikes, which has left traders nervous about the US dollar.
 
Support 📉

4355.41: PREVIOUS DAY'S LOW
4284.79: 20 EMA
4103.78: 2 WEEK LOW

Resistance 📈

4386.26: PREVIOUS DAY'S HIGH
4393.57: 4 WEEK HIGH

Risk ⚠️
No more than 2% of your capital.

Reward 💰
At least 4% of your capital.

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Trade safely and responsibly.

BluetonaFX