Wednesday, 23 September 2015

S&P 500 4 hour chart 1980 must hold to favour near term weakness

4 hour chart for the S&P 500 shows parallel trend lines which have been a useful trading edge in recent months. Nearby trend line resistance sits around 1980, suggesting that level must hold if further near term weakness is to be favoured. Charts include all sessions trade. I posted longer term charts yesterday.

Zooming in a touch and adding a couple of new lines (albeit more speculative, less proven), shows that the market is testing trend line resistance and could already be turning lower again.