The Next Support Lines & Demand Zones for SPX
Marked in red as 1, 2 & 3, are the next support line and demand zones that could hold the drop (at least for now):
1 - long term weekly/daily trend line and a newer daily demand zone around 3070-3090
2 - a daily trend line that's been broken few months ago and could be retested around 2990
3 - a trend line and a demand zone around 2820-2880
Note that RSI (14) is already below 30 and much lower than the previous 2 troughs (potential hidden bullish divergence), which might indicate over-selling. That being said, the price could keep going lower with RSI going well below 30.
The trend is still very bearish, and with January and February's monthly candles, seems like we're headed for more price drops in the coming weeks and months.
1 - long term weekly/daily trend line and a newer daily demand zone around 3070-3090
2 - a daily trend line that's been broken few months ago and could be retested around 2990
3 - a trend line and a demand zone around 2820-2880
Note that RSI (14) is already below 30 and much lower than the previous 2 troughs (potential hidden bullish divergence), which might indicate over-selling. That being said, the price could keep going lower with RSI going well below 30.
The trend is still very bearish, and with January and February's monthly candles, seems like we're headed for more price drops in the coming weeks and months.
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