Chart of the Day: SPX500

The SPX was creeping higher since the end of December, but we kept reminding our members that the trend remained lower as long as we kept respecting the descending channel. Today's rejection from the channel's T/L resistance and subsequent strong move lower is a testament to that exactly. Keep looking lower against today's high with 3870 being the next area of support.
Author

Blake Morrow
Forex Analytix
Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.


















