S&P - Weekly Price Forecast

Right now the price is testing a potential trendline for the 2nd time.

Lower timeframes are oversold indicating a potential double top on the StochasticRSI.

However, if selling pressure continues, we could break the trendline and sink to a support level of roughly 2693 over the week. At that point, there is strong psychological resistance as well as support from the Kijun and Tenkan Sen on the way down.

Future narrowing of the Kumo shows a possible pullback, but the thinning of the cloud also indicates lesser volatility coming up.

I am more bearish on this set up due to the fact that price has moved in the converse direction of volume as illustrated by the light blue lines.

My weekly price forecast rests between 2693 -2882