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21.02.2023 06:35 PM
Blue line- support
Green line -support
SPX is trading under pressure again today approaching the 4,000 price level. Price action recently was weak as price broke below the short-term support trend line at 4,100 last week providing the first sign of weakness. Last week we warned that a break below the first trend line would be a sign of weakness and more downside should be expected. Price is now approaching the green support trend line at 3,980. Failure to hold above the green trend line would be an added sign of weakness that should not be ignored by traders. So far this pull back is considered only just a pause to the up trend that started at the October lows. Most important support level is at 3,760-3,800 area. Penetrating this level would be a very bearish sign.
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