S&P 500 Can Go Wild if One of These Scenarios Occur

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During the previous trading week, we saw a gradual rise in the price in the direction of the upper bound of the yellow channel. The bulls will soon reach the resistance level of 3022.4, which is on the upper yellow bound. In the event of a break above this level, the market growth will continue to the next resistance level of 3078.2, which is located on the upper green bound. However, if the price rebounds from the level of 3022.4, the bears will open the way to the support of 2893.1, which is located on the lower bound of the green channel. Confirmation that the downward scenario will be materialized will be a break below the red line of the moving average.

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