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Chart of the Day: S&P 500 Rejected Lower

01/19/2023

Less than a minute

2023.01.19 14:34

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Forex Analytix

The 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. Keep looking lower against today’s high, with 3870 being the next support area.

SPX500 Daily Chart