Murrey math lines: Brent, S&P 500
|Brent
Brent quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI is testing the resistance line. In this situation, the quotes are expected to rise above 8/8 (93.75), amounting to the resistance level of +1/8 (95.31) later. The scenario can be cancelled by a downward breakout of 7/8 (92.19). In this case, the quotes will be aiming at the support at 6/8 (90.62).
On M15, the upper boundary of the VoltyChannel is broken. This increases the probability of a further price rise.
S&P 500
The S&P 500 index quotes and the RSI are in their respective oversold areas on H4. In this situation, a rebound from the -1/8 (4375.0) level is expected, from where the price could rise to the resistance at 1/8 (4414.1). The scenario can be cancelled by a downward breakout of the support at -1/8 (4335.9). In this case, the S&P 500 quotes could continue falling and might reach the -2/8 (4296.9) level.
On M15, the lower boundary of the VoltyChannel is too far away from the current price, hence, the price rise could be supported by a rebound from -1/8 (4335.9) on H4.
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