Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
DAILY: Left Chart 📊 From a long-term perspective, US500 has been trading bearishly within the confines of a descending broadening wedge marked in red. Currently, it is approaching the upper boundary, which acts as a non-horizontal resistance.
📈 For the bulls to maintain control and assume dominance from a macro perspective, a breakthrough above 4420.0 is essential.
Meanwhile, there's still potential for the bears to exert influence and drive the price lower.
H1: Right Chart From a short-term viewpoint, US500 remains bullish; however, the momentum appears to be weakening as the recent price action has been relatively flat, occurring within the boundaries of the orange channel.
📉 For the bears to seize control and trigger a bearish scenario, a drop below the last low in the orange channel, around 4360.0, is necessary.
Meanwhile, the bulls will retain control unless this key level is breached.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich