Bearish trading scenario for the week - Trend lines analysis
SPX formed a weekly Outside Bar last week.
It was rejected by a trend line and the Fast weekly MA line.
The price is currently also below a weekly uptrend line but still above a minor support zone.
2155- 2160 is a weekly resistance zone.
2120 is a weekly resistance zone.
Potential Target for this bearish scenario is 2080-2100.
The price will meet a broken trend line and the 50 weeks MA line support - Strong weekly support zone.
You can read the full SPX analysis in this week's newsletters (see link in signature)
It was rejected by a trend line and the Fast weekly MA line.
The price is currently also below a weekly uptrend line but still above a minor support zone.
2155- 2160 is a weekly resistance zone.
2120 is a weekly resistance zone.
Potential Target for this bearish scenario is 2080-2100.
The price will meet a broken trend line and the 50 weeks MA line support - Strong weekly support zone.
You can read the full SPX analysis in this week's newsletters (see link in signature)
Trade closed: target reached
