S&P500 Technical Analysis: Embedded wedge can send S&P500 down to 2,835.25 level

• The S&P500 bull trend is challenging the all-time-high.  
• The S&P500 broke below the rising wedge of the last 5 days and the market is now correcting to the upside. It remains to be seen if the bulls can sustain the move higher as the market is forming another small wedge which can be potentially bearish. If the bears can retake 2,863.75, it would open the door to a bear move towards 2,835.25.  
• A sustained bull breakout above 2,875.50 would invalidate the short-term bearish bias.  

S&P500 15-minute chart

Spot rate:                  2,854.25
Relative change:       -0.07%      
High:                         2,873.25
Low:                          2,851.50

Trend:                       Bullish  

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