Welcome to this analysis in which we are looking at the fundamentally important S%P 500 Index, we are looking at the 4-hour timeframe perspectives. From the global perspective, the index moved into highly overbought conditions as recovery happened after corona breakdowns last year emerged. Now on the more local perspectives, the index has formed this broadening-wedge-formation with the breakout to the downside recently shown up. The index has now created the setup for further continuations which will move on when the index closes below the dashed trendline and the 100-EMA in red, after this the index is likely to continue with conclusions to test the lower support where it is urgently necessary to stabilize sustainable or a continuation will protract below the support in the bearish-continuation-zone.
In this manner, thank you for watching the analysis and great contentment for everybody supporting, all the best!
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Information provided is only educational and should not be used to take action in the market.
But I analyzed with NASDAQ