[ES1] S&P 500 Struggles in Major Resistance

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Welcome to this updated analysis on S&P 500 Let’s get right to it!

a bull market is now 10 years old. It is the longest lasting bull market in the history of the US financial system.

Daily S&P chart, we can see that the market has now contacted the upside resistance zone. However, more importantly, we can see that the market is beginning to produce a negative reaction at the top of this newly formed downtrend channel So, the market is showing signs of exhaustion here, and I believe that there is a high probability of a severe rollover now.
The MACD has rolled over bearish, just below powerful resistance and the RSI has reversed from the oversold level.

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