US500 - Massive Resistance Ahead!

16 nov. 2022

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

US500 is overall bearish from a long-term perspective trading inside the falling broadening wedge pattern in brown, and it is currently retesting the upper brown trendline.

Moreover, the zone 4150 is a strong resistance and supply zone .

So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green resistance zone and upper brown and red trendlines . (acting as non-horizontal resistance)

As per my trading style:
Since US500 is approaching the purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich