S&P 500 futures have seen three straight days of losses after topping out at 4,617.25 in terms of closing prices, and had fallen about -2% from that point as of yesterday’s close. Recent price action for the /ES recently is in the shape of a rising wedge, with a steeper trendline going across the lows from late June and early July and a more shallow trendline going across the highs from late July.
If price starts to break to the downside out of the rising wedge pattern, look for potential support near the old double-top highs from June around 4,490, and below that at the relative low close at 4,438 from July 7. However, if price regroups and starts to travel upward once again, resistance could be found first at the 21-day EMA and then around the 4,600 level based on the yearly +1 Standard Deviation Channel.
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