SPX is hanging

SPX is rejected from the strong upside resistance

 

SPX is rejected from 4350. It has formed a hanging man formation on the three days chart and is looking for a reversal lower to continue the downtrend and retest the important 3800 level. This is the level of the intersection of the newly formed uptrend line. Now only a break above 4350 could invalidate the downside continuation.

Note: look for the short trade entries with the stop loss above 4300

 

SPX downside reversal

 

 

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