SPX Key Support Broken
█ OVERVIEW
1M chart used here - the
SPX 1M close has broken down below the monthly trend line that has been used as support since September 2022.
Note the similar break down in December 2021.
█ TAKEAWAYS
Happy Trading.
ET
1M chart used here - the
SPX 1M close has broken down below the monthly trend line that has been used as support since September 2022. Note the similar break down in December 2021.
█ TAKEAWAYS
- Expecting support ranges from mid-late 2022 and early 2023 tested: 4100, 4000, 3700
- Interest rate hikes would ensure these to be tested sooner rather than later
- Keep an eye out for a bounce to retest that broken trend line around 4300. Major resistances exist at 4300, 4400 and 4600 respectively
Happy Trading.
ET
Eric Thies
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