Murrey math lines: Brent, S&P 500
|Brent
Brent quotes have broken the 8/8 (93.75) level, escaping the overbought area. The RSI has broken the support line. In this situation, a downward breakout of 7/8 (92.19) could be expected, followed by a decline to the support at 6/8 (90.62). The scenario can be cancelled by rising above the 8/8 (93.75) level. In this case, the quotes might start growing again, and the price could reach +1/8 (95.31).
On M15, the lower boundary of the VoltyChannel has broken. This happening increases the probability of a price decline.
S&P 500
The S&P 500 quotes are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI has broken the resistance line. A test of 3/8 (4335.9) is expected in this situation, followed by a rebound from this level and a decline to the support at 1/8 (4257.8). The scenario can be cancelled by rising above the resistance level of 3/8 (4335.9). In this case, the S&P 500 index quotes could reach the 4/8 (4375.0) level.
On M15, after a rebound from 3/8 (4335.9), a further price drop could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.