US500 Will Go Down! Sell!

Take a look at our analysis for US500.

Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is approaching a key horizontal level 4725.8.

Considering the today's price action, probabilities will be high to see a movement to 4497.2.

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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Comment:

I am confident in this trade so I will keep it open!