Technical outlook:
SPX500 had rallied through 3,233 levels around 09 June, 2020 before pulling back lower again. It might have formed a meaningful top at 3,233 and is seen to be trading around 3,053 levels at this point in writing. The recent boundary that is being worked upon is between 3,233 and 2,965 respectively. Please note that the counter trend rally that began on June 15, 2020 had reached 3,150 levels, just above the fibonacci 0.618 retracement of the earlier drop. Interim resistance is seen towards 3,233, while support is seen towards 2,965 respectively. SPX500 is expected to break below immediate support and target the next one at 2,766, going forward. Traders should be looking to sell on rallies towards 3100/3150 with risk at 3,233 levels respectively.
Trading plan:
Short @ 3,100, stop @ 3,233, target @ 2,700 in the short term.
Good luck!
