Bearish SPX - 05 August 2024 - Technical Analysis

EURUSD Forex

SPX 500

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 4 Hour time frame chart supports SPX 500 Bearish bias. A break of 5306.11 will support the fall towards the target of 5162.86 the break of 5162.86 would push the price to 5067.36.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 5839.51
Support S1: 5829.99, S2: 5823.29 , S3: 5813.77
Resistance R1: 5846.21 , R2: 5855.73 , R3: 5862.43

Brokers

Open account

Summary

Instrument :

SPX 500

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

100%

Entry Level :

5306.11

Activation Time :

2024-08-02 15:00

Age :

390 Bars

Progress :

100%

Close Time :

2024-08-05 11:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

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Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.