S&P500 Technical Analysis: Getting ready for a Friday drop

• The S&P500 is trading near its all-time-high but bulls have a hard time to extend the main bull trend.  
• After the rising wedge formation (blue dotted lines) the S&P500 is now trading sideways for the second consecutive day. The simple moving averages have turned flat and any rally seems to become a selling opportunity. Downside target remains 2,835.25.  
• A bull breakout above 2,875.50 would invalidate the short-term bearish bias.    

S&P500 15-minute chart

Spot rate:                  2,857.50
Relative change:       -0.13%      
High:                         2,868.75
Low:                          2,854.25

Main trend:                       Bullish
Short-term trend:              Bearish below 2,875.50  

Resistance 1:           2,863.75 August 7 high
Resistance 2:           2,875.50 January 26 high (all-time-high)
Resistance 3:           2,880.00 figure

Support 1:           2,853.00 August 9 low
Support 2:           2,843.00 August 13 high
Support 3:           2,835.25 August 6 low
Support 4:           2,825.00 August 3 low
Support 5:           2,800.00 figure
Support 6:           2,798.50 July 30 low
Support 7:           2,765.00 July 11 low