S&P 500 still under selling pressure. See the lower targets in this article.

S&P 500 Daily chart

The S&P 500 is facing a decision after bouncing into the key resistance level of 4260.

From a macro perspective, the S&P 500 is still under selling pressure. No matter if bulls are enjoying this bounce, as long as the S&P 500 price is trading below the 4260 level and the descending diagonal of resistance (4329 for now), the trend remains bearish and we might see, long term, the 3815-3898 area tested.

In the next few days, if the 4260 level does not give a strong rejection, we might see some choppiness along this level with a possible continuation up into the descending diagonal of resistance, currently at the 4329 level.

A possible good swing trade can be set here:
Entries: 4260-4350. SL 4452. TP in the 3900-4040 area.

Trade safe and manage your risk

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