US500 at a Crossroads: Rebound or Further Decline?

US500, Daily

The asset is in a downtrend. The price has tested the critical support level of 5540. RSI indicators are in the oversold zone. All this points to a possible start of correction.

If the index price consolidates above the resistance level of 5600, growth will resume, with the target of testing 5700.
However, if the price breaks the support level 5540, the decline will continue to 5400.

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Author: FBS Analyst Team

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