Another rejection for the SPX!

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 descending 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 first area of support.

The SPX got rejected once again from the channel’s T/L resistance.

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Steve Voulgaridis