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Dr_Roboto

S&P finding resistance at top of channel

US 500 (CURRENCYCOM:US500)  
Dr_Roboto Updated   
CURRENCYCOM:US500   US 500
Trend Analysis Chart Patterns SPDR S&P 500 ETF (SPY) IVV SPX (S&P 500 Index) S&P 500 (SPX500)
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trendanalysis chartpattern spy ivv spx spx500
US500 (includes extended hours) showing resistance at top of the down channel started at the beginning of 2022. Is it time to breakout or is it more down? I say down, but I am hedging both ways.

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Comment:
End of day Tuesday. Rejected off of channel resistance, but still above 200 day SMA. Look for a break down below the 200d to confirm continued downtrend (see Dec 5th), else look for rally off of 200 this week.
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Comment:
Not a great sign to see the selling today as S&P lost 200 day. Same pattern as Dec 5th. Now will the 20 day provide support? Unlikely, but look to see if it breaks clearly below for confirmation.
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Comment:
Not a great start to Thursday. Another red candle pushing down deep into the 20 day SMA.
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