The trend analysis done using few major support lines on daily and weekly chart , we are looked into major support/resistance trend line
of market cycle trend (since 2009) and long term (since Feb’16). On 26th July SPX
was high value above trend line
(Resistance) continuing since 2009 and this is 4th time where access has been rejected by resistance, Since the price is back in channel with very high momentum, it suggest started downward movement and should go to 2800 trend line
(touch bottom of its up trendline since Feb’16). As the price is back in channel with gap and going down with lower low for last three sessiom, it will continue toward 2800.
Open short position with stop loss 2975 on closing on daily chart
Do your own research and if this matching with mine then you are ready to go!
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