S&P500 Technical Analysis: Bears counter attack – Reversing Wednesday’s gains

• The S&P500 has been printing new 2018 highs in the last sessions of trading.  
• The S&P500 overshot the bull trendline suggesting that buyers might have gone ahead of themselves and bought too much too fast. Thursday is currently erasing the previous day’s gains.  
• If bears can keep the market below Wednesday’s low they have a fair chance of regaining 2,877.00 (January swing high).  

S&P500 daily chart

Spot rate:                  2897.75
Relative change:        -0.59%      
High:                         2,915.00
Low:                          2,894.75

Main trend:               Bullish
Short-term trend:      Bearish

Resistance 1:           2,900.00
Resistance 2:           2,917.00, August 21-22 bear leg 261% Fib. extension  
Resistance 3:           2,930.00 figure

Support 1:           2,880.00 figure
Support 2:           2,877.00 January swing high
Support 3:           2,863.75 August 7 high
Support 4:           2,853.00 August 9 low