S&P500 Technical Analysis: Rising wedge can send the Index to 2,835.00

• The S&P 500 Index challenged the all-time-high by trading as high as 2,873.25 this Tuesday.
• The S&P 500 has broken to the downside from a rising wedge pattern after three main pushes up. The market is seen consolidating lower although a bounce to 2,863.75 is possible. Short-term bearish target is located near 2,835.25 support.
• A sustained bull breakout above 2,863.75 would invalidate the 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