US500: Fading the Weakness, Targeting Deeper Support

Market Structure & The Bearish Confluence

Good morning, KoraFX community. Let's talk about the US500, which continues to present compelling opportunities for a short entry. The current price sits at 6029.53, having already shed -0.34% over the last 24 hours. The prevailing trend is undeniably bearish, and while we've seen some intraday movement within the 5998.82 to 6060.24 range, I see this as an opportunity to position ourselves for the next leg down.
My analysis indicates that the path of least resistance remains to the downside. We have significant resistance at 6060.24, which aligns with yesterday's high. I'm looking for a retest of this area, or even a slight push towards 6039, which I