Based on the weekly chart, Bears are making a strong push to break the last few months of upwards momentum. Based on the cloud and RSI, this week could signal a stronger push to retest some key levels on the downside throughout the summer.
The biggest hurdle in my opinion is to first break the "eye test" of 3000 and make its way down to 2800. At that point, it will be interesting to see how the market reacts, especially given the FED's intervention to stabilize any down trend with shots of liquidity wherever traders show some veins. Look for upside resistance at 3100-3200 over the next 1-2 weeks as the market appears to be in consolidation on the weekly chart.
This is not trading advice and simply for educational purposes!
The biggest hurdle in my opinion is to first break the "eye test" of 3000 and make its way down to 2800. At that point, it will be interesting to see how the market reacts, especially given the FED's intervention to stabilize any down trend with shots of liquidity wherever traders show some veins. Look for upside resistance at 3100-3200 over the next 1-2 weeks as the market appears to be in consolidation on the weekly chart.
This is not trading advice and simply for educational purposes!