The pressure is easing. A support line has formed on the S&P 500 chart.
A Double Bottom pattern is being formed on the chart. The key element to confirm the pattern is the breakdown of the neck line, which is drawn through the high points between the two troughs at the level 7422.85. The first scenario assumes that the price will consolidate above the neckline and continue to move upward, confirming the reversal. In the second scenario, a pullback below the neckline is possible.
For S&P 500 now the most evident trading strategy is opening the long positions. A trader can enter the market at the current levels or when a preset level is being retested.
📌 Entry: 7424.44
✔️ First target: 7471.15
✔️ Second target: 7503.35
❌ Stop order: 7382.60
S&P 500 M15: The Double Bottom pattern indicates a change in the balance of power in the market
