Technical analysis SPX500 for 05.07.2022

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 3730. The closest resistance is the level 3800

Key levels

• 3950, 3890, 3840, 3800, 3730, 3650

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 3800, with Take Profit of 3730 and Stop Loss of 3840

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 3840, with Take Profit of 3890 and Stop Loss of 3800