Spx500idea
SPX500USD ( TRADE BELOW RESISTANCE TRENDLINE ) ( 4H )SPX500USD
HELLO TRADERS
Tendency the price trade below resistance trendline , indicates the price is under bearish pressure
TURNING LEVEL : there is a blue line around 5,596 , indicates if the price trade below this level reach a support level , but if the breaking turning level reach a resistance level
NEW RESISTANCE LEVEL: there is a green line around 5,625 , it indicates the progress of the index
SUPPORT LEVEL : there is a red line around 5,544 , indicates buying have already increase this level , and in this level create a demand zone
PRICE MOVEMNET : the price stabilizing below turning level around 5,596 , in my opinion until the price trade below turning level , reach a support level at 5,544 , then breaking this level reach a next target at 5,503 , if the price breaking turning level create a new resistance level at 5,625 and 5,661
TARGET LEVEL :
RESISTANCE LEVEL : 5,625 and 5,661
SUPPORT LEVEL : 5,544 , 5,503
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THREE BLACK CROWS appear on the S&P500In the weekly frame on the S&P500 index, there is a pattern called three black crows and it is a bearish pattern that will lead to a downward move in the upcoming weeks.
in July and August 2023, the same pattern happened and the market rebounded for two weeks then the downward move began to make the index retrace about 9%
As we can see on the chart the index stopped at the Fibonacci support level in August and last week also, so we expect the rebound will be to the 5208 points level and a new correction will begin.