SPX500 is facing strong resistance,
1 - touching a trend line that started on January 22 and touched again on March 22 and August 22.
2- A touch of the 200-day moving average.
3- Touch the ascending channel's top trend line.
4- Entered and exited a supply zone.
On the 4 hour time frame, I see a head and shoulder pattern with a divergence on the MACD
In order for the bears to take control, the neckline of the head and shoulders pattern at 3903.4 needs to be broken.
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Feel free to share your thoughts in the comments, and kindly support the idea with a like. Your support is greatly appreciated!
1 - touching a trend line that started on January 22 and touched again on March 22 and August 22.
2- A touch of the 200-day moving average.
3- Touch the ascending channel's top trend line.
4- Entered and exited a supply zone.
On the 4 hour time frame, I see a head and shoulder pattern with a divergence on the MACD
In order for the bears to take control, the neckline of the head and shoulders pattern at 3903.4 needs to be broken.
--------------------------------
Feel free to share your thoughts in the comments, and kindly support the idea with a like. Your support is greatly appreciated!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.