SPX500USD Will Go Lower From Resistance! Sell!

Please, check our technical outlook for SPX500USD.

Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is approaching a significant resistance area 5078.5.

Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 4997.7 level.

P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.

Like and subscribe and comment my ideas if you enjoy them!