Murrey math lines: Brent, S&P 500
Brent
On H4, the quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI has exited the overbought area. A test of 2/8 (81.25) should be expected, followed by a breakaway and falling to the support level of 1/8 (78.12). The scenario can be cancelled by an upwards breakaway of the resistance level of 3/8 (84.38), which might lead to a trend reversal and price growth to the resistance level of 4/8 (87.50).
On M15, the lower line of VoltyChannel is broken away, which confirms the downtrend and increases the chances for further price falling.
S&P 500
On H4, the quotes have bounced off 0/8 (3750.0), which is the upper border of the oversold area. The RSI is testing the resistance line. The quotes are expected to rise above 1/8 (3906.2) and then reach the resistance level of 2/8 (4062.5). The scenario can be cancelled by a downward breakaway of the support level of 0/8 (3750.0). In this case, the S&P 500 index will continue falling, and the quotes might reach -1/8 (3593.8).
On M15, an additional signal confirming growth will be a breakaway of the upper border of VoltyChannel.
Author
RoboForex Team
RoboForex
RoboForex Team is a group of professional financial experts with high experience on financial market, whose main purpose is to provide traders with quality and up-to-date market information.
