#SPX - Chart Update - Bearish Start | #SPY #SP500
Friends of 4xQuad:
Market starts out on a bearish foot - This long-term chart was submitted last week to highlight the interaction of support and resistance lines, which together have worked as channels, and influenced price at the points where they would interact mutually.
So far, their influence remains valid, albeit we are dealing with a weekly timeframe, so expect things to evolve at a glacier pace. Nonetheless, the direction remains neutral with a bearish bias based on above and other prop technical events.
Cheers,
David Alcindor | 4xQuad.com
Friends of 4xQuad:
Market starts out on a bearish foot - This long-term chart was submitted last week to highlight the interaction of support and resistance lines, which together have worked as channels, and influenced price at the points where they would interact mutually.
So far, their influence remains valid, albeit we are dealing with a weekly timeframe, so expect things to evolve at a glacier pace. Nonetheless, the direction remains neutral with a bearish bias based on above and other prop technical events.
Cheers,
David Alcindor | 4xQuad.com
