FX.co ★ S&P 500 Spotlight: Unraveling Market Trends with #SP500

The #SP500 index price formed another bearish candle yesterday, testing the sloping support area around 7290. This trendline is the lower boundary of a contracting triangle. We got a noticeable bounce from there, and it’s quite possible that a further wave of growth will follow toward the opposite boundary of this triangle, around the round level of 7500. Overall, I assume that most of next week will trade within the boundaries of this pattern, and on Friday, on the US labor market statistics, we’ll get an impulsive breakout beyond this triangle. In case of an upside breakout, I expect new highs above 7622.