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themarketzone

Bearish trading scenario for the week - Trend lines analysis

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Indice S&P 500 (FX:SPX500)  
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FX:SPX500   Indice S&P 500
SPX (S&P 500 Index) SPDR S&P 500 ETF (SPY) DXY dollar FOMC Bearish Patterns Bullish Patterns Moving Averages Trend Lines
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spx spy dxy dollar fomc bearish bullish movingaverage trendline
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)

Trade fermée: cible de profit atteinte

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