Murrey math lines: Brent, S&P 500
|Brent
As we can see in the H4 chart, Brent is trading inside the “overbought area”. In this case, the price is expected to break 8/8 and continue falling towards the support at 7/8. However, this scenario may no longer be valid if the asset breaks +1/8 to the upside. After that, the instrument may move upwards and reach the resistance at +2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
S&P 500
As we can see in the H4 chart, after rebounding from the 200-day Moving Average, the S&P Index is trading above it, thus indicating that the correction is over. In this case, the price is expected to resume the uptrend – test 6/8, break it, and then continue trading upwards to reach the resistance at 7/8. However, this scenario may no longer be valid if the asset breaks 4/8 to the downside. After that, the instrument may reverse and fall towards the support at 2/8.
НIn the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards.
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