S&P 500 – the risk is on?

The US index, the S&P500, has been on a resistance zone for three days between 2777 and 2792. An indecision candle has also been formed.

From my point of view, the risk of a possible downward correction increases, which could be confirmed by the breaking of the trend line that passes to 2770.

If a negative / bearish reversal candle forms, then it is possible that a correction starts towards the support levels highlighted by the static black lines to the right of the graph.

The RSI oscillator touched the top of the oscillation band and was briefly overbought.

Furthermore, we also had several bearish patterns as shown on the Kimura Trading Sniper Tool (such as Spinning Top and Shooting Star) that might indicate a change in trend is imminent.

Article written by: Fiorenzo Fontana

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