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SPX Is Bearish! Short!

Here is our detailed technical review for SPX.

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

The market is approaching a key horizontal level 5,647.50.

Considering the today's price action, probabilities will be high to see a movement to 5,385.34.

P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.

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