Here is our detailed technical review for SPX500USD.
Time Frame: 9h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish
The price is testing a key resistance 5237.5.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 5193.0 level.
P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought.
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Great beginning for a trade, let’s hope it goes further!