S&P 500 challenging underlying support
The above chart shows daily price action. The SPX500’s EMAs are in a bearish formation. The green 5-day EMA < the orange 13-day EMA < the black 34-day EMA. The RSI(9) is below the 50 level and indicative of a bearish momentum (blue rectangle). The last three sessions all have strong selling tails; thus there is overhead resistance nearby. Sellers are on the front foot and the red support zone is currently being challenged.
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