Murrey math lines: Brent, S&P 500
|Brent
On H4, Brent quotes are under the 200-day Moving Average, revealing the prevalence of a downtrend. The RSI has broken the support line. In such circumstances, we should expect 0/8 (75.00) to break and the price to go down to the support at -1/8 (71.88). The scenario can be canceled if the price grows to the resistance at 2/8 (81.25).
On M15, a new breakaway of the lower line of the VoltyChannel indicator will increase the probability of further falling of the price.
S&P 500
A similar situation has formed on the S&P 500 chart. On H4, the quotes are under the 200-day Moving Average, while the RSI has broken the support line. As a result, we expect the level of 1/8 (3945.3) to break and the price to fall to the support level of -1/8 (3867.2). The scenario can be canceled if the price rises above the resistance at 2/8 (3984.4), which might lead to a trend reversal and growth of the S&P 500 index to 3/8 (4023.4).
On M15, the decline in the price can be additionally supported by a breakaway of the lower line of VoltyChannel.
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