SPX update: a simple look at two trend channels, and why the 2072-2064 support/resistance area needs to hold

On Monday I showed the two important short(er) term trend channels. See here. So far the crossroads of these two channels held price in check (see figure below), which is also at around the 200d SMA and at around where c=1.236x a, where a=2135-2072, b=2130 and c= 2130 – 1.236x (2135-2072) = 2054.

After, the bulls were able to push price back above the critical 2064-2072 support/resistance zone, this simple needs to hold or price will search the 2040 level. That’s for now all there is to it, imho.

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