SPX Key Support Broken

4 באוק׳ 2023

█ OVERVIEW
1M chart used here - the SPX 1M close has broken down below the monthly trend line that has been used as support since September 2022.

Note the similar break down in December 2021.

█  TAKEAWAYS

• Expecting support ranges from mid-late 2022 and early 2023 tested: 4100, 4000, 3700
  
• Interest rate hikes would ensure these to be tested sooner rather than later
  
• Keep an eye out for a bounce to retest that broken trend line around 4300. Major resistances exist at 4300, 4400 and 4600 respectively
  

Happy Trading.
ET