Saturday, 4 February 2017

S&P 500 bumping along top of trend channel that has captured most price action for the past 11 months

Daily chart shows the S&P 500 bumping along the top of the trend channel that has captured most price action for the past 11 months.



Hourly chart shows 5 waves down from the January peak. This suggests the immediate trend is down and combined with the proximity to daily chart trend channel resistance, has me looking for at least a short term decline here against that January peak.



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