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.
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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!
