Sunday, 1 November 2015

S&P 500 testing trend line resistance on monthly, weekly, daily & support on 4 hour

The S&P 500 last week tested multiple trend line resistances and ended 20 or so points off the weekly high, testing short term support. It seems reasonable to look for a top here, firstly on a break of trend line support (see 4 hour chart, 4th chart below), and more confidently on a break of last week's low, which more or less coincides with the 200 day moving average (not shown on my charts but you've gotta know where it is).

Monthly chart all sessions.

Weekly chart all sessions.

Daily chart cash market

4 hour chart all sessions. Testing trend channel support.