SimpleFX Chart Analysis: September 16, SPX500, 4H

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Now the price is moving within the blue and green channels. The market drifted off the upper limit of the green channel, after which the lower limit of the blue channel was reached.

If the decline continues shortly, and the bears overcome the support level of 2984, we will see the drop in the market to the resistance level of 2925, located on the lower limit of the green channel. 

If the price does not fall below the level of 2984 and bulls start driving up the price, the growth will continue to the resistance level of 3046. It should also be taken into account that the price is now about the moving average line, which supports the resistance level of 2984.

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