Steve Vulgi’s Chart of The Day – SPX500
SPX500
The SPX was creeping higher since the end of December, but we kept reminding our members that the trend remained lower as long as we kept respecting the descending channel. Today’s rejection from the channel’s T/L resistance and subsequent strong move lower is a testament to that exactly. Keep looking lower against today’s high with 3870 being the next area of support.
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